Why Consumer Tech Company ODDITY Shares Are Rocketing Today?

ODDITY Tech Ltd ODD shares are trading higher by 15% after the company reported preliminary Q3 FY23 results, expecting revenue growth to beat its guidance.

The company raised the outlook for net revenue growth to 29.0%-31.0% (vs. prior outlook of 18%-23%) and gross margin of 68.5% (vs. guidance of 67.5%).

It now expects an adjusted EBITDA margin within 21.0%-21.5%, at the higher end of its prior outlook range of 20.0%-21.5%.

Oran Holtzman, co-founder and CEO, said, "Our third quarter is expected to be our strongest third quarter ever, exceeding our guidance and allowing us to deliver net revenue growth of at least 58% and adjusted EBITDA of at least $89 million in the first three quarters of 2023. These strong financial results reflect the power of our platform, built to transform the global beauty and wellness market through technology and data usage. We continue to consistently deliver high growth and outstanding profitability with both IL MAKIAGE and SpoiledChild brands and are building massive engines to further scale in 2024 and beyond."

"ODDITY LABS, powered by the Revela biotech integration, is expanding its molecule discovery platform faster than expected, and is delivering game changing ingredient innovation to support continued high growth for IL MAKIAGE, SpoiledChild, and our new brands in development."

The company plans to provide an update about the full-year outlook during the Q3 results announcement in November.

Also Read: Short Seller Bear Cave Hits ODDITY Tech With Bear Report - What's Going On?

Price Action: ODD shares are up 14.49% at $32.15 premarket on the last check Tuesday.