Coty Stock Plunges Over 20% After Cosmetics Maker Reports Surprise Loss
1. Coty reported a quarterly loss of $72.1 million, surprising analysts. 2. Like-for-like sales declined 9% year-over-year, weaker than expected. 3. Coty expects sales to drop further in upcoming quarters, returning positive later. 4. Shares plummeted nearly 22% in response to the disappointing guidance. 5. The cosmetics market is facing softness in U.S. demand and competition.