Oddity Tech Boosts 2024 Earnings Outlook Amid Strong First Quarter

Published 1 hours agoODD

Oddity Tech Boosts 2024 Earnings Outlook Amid Strong First Quarter

Oddity Tech, the parent company behind Il Makiage and SpoiledChild, has raised its earnings outlook for 2024. This adjustment comes despite the company facing challenges related to tariffs. In the first quarter of 2024, Oddity reported an impressive 28% increase in revenue, reaching $212 million. Profits grew by 33% to a total of $156 million, with income soaring 82% to hit $38 million, according to Cosmetics Business.

Buoyed by these strong quarterly results, Oddity increased its full-year revenue forecast to land between $635 million and $647 million. This projection signifies an anticipated growth rate of 23% to 25% over the previous year. The company's performance is underpinned by powerful brand performances from its subsidiaries Il Makiage and SpoiledChild, and is further enhanced by strategic investments in innovation and technology.

Among its strategic moves, Oddity Tech acquired the biotechnology startup Revela for $76 million in 2023, demonstrating its commitment to technology and product development. Despite the ongoing tariff challenges, these strategic investments and the resilience of its core brands have allowed Oddity Tech to confidently adjust its financial projections for the upcoming year.

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