Shares of Deckers Outdoor Corporation (DECK) plummeted 15.16% in pre-market trading on Friday, despite the footwear company reporting better-than-expected third-quarter earnings and revenue on Thursday after market close.

For the third quarter of fiscal year 2025, Deckers reported record quarterly revenue of $1.83 billion, up 17% year-over-year, beating analyst estimates of $1.7 billion. Adjusted earnings per share came in at $3.00, surpassing the consensus forecast of $2.46. The strong performance was driven by continued momentum in Deckers' iconic UGG and HOKA brands.

However, the company's updated full-year outlook seemed to disappoint investors. Deckers raised its fiscal 2025 revenue growth guidance to approximately 15% and lifted its full-year earnings per share guidance to a range of $5.75 to $5.80. While these projections were higher than previous guidance, they seemingly fell short of market expectations, causing the stock to sell off in pre-market trading despite the strong third-quarter results.