Shares of Olaplex Holdings, Inc. (OLPX) plummeted over 5% in the pre-market session on Tuesday, November 7, 2024, after the hair care products company reported disappointing third-quarter results and slashed its full-year guidance.

The company reported a 3.6% year-over-year decline in Q3 revenue to $119.1 million, missing Wall Street estimates of $126.2 million. The revenue miss was primarily attributable to weaker performance in its international business, where the company took actions to realign its distribution network. Olaplex also cited limited marketing efforts and anticipated higher promotional activity as factors hindering sales growth.

While adjusted earnings per share of $0.04 matched analysts' expectations, other profitability metrics deteriorated. Adjusted net income fell 13.8% to $28.7 million, while adjusted EBITDA declined 13.4% to $44.6 million, reflecting the impact of lower sales and continued investments in operating expenses.