Why PLBY Group Shares Are Getting Smoked After Hours

Why PLBY Group Shares Are Getting Smoked After Hours

PLBY Group Inc PLBY shares are trading lower in Tuesday's after-hours session after the company reported worse-than-expected financial results.

PLBY Group said second-quarter revenue increased 31% year-over-year to $65.4 million, which missed the estimate of $71.89 million, according to Benzinga Pro. The company said direct-to-consumer revenue increased 59% year-over-year to $44.6 million. Licensing revenue was flat year-over-year.

PLBY Group reported a quarterly net loss of $8.3 million, or 18 cents per share, which missed the estimate for a loss of 12 cents per share.

"The macro environment is posing many challenges, however, we are encouraged by continued growth at Playboy and Honey Birdette, along with recent creator success we are seeing on Centerfold," said Ben Kohn, CEO of PLBY Group.

"As headwinds increased, we pivoted quickly, reducing non-core costs while remaining focused on our long-term plan to build out our ecosystem, leveraging the strength of our Playboy brand," Kohn added.

See Also: Array Technologies Shares Jump On Solid Q2 Earnings

PLBY Price Action: PLBY Group has a 52-week high of $29.16 and a 52-week low of $5.76.

The stock was down 14% in after-hours at $6.00 at press time.

Photo: Joe Haupt from Flickr.

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