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Actionable news in UAA: Under Armour Inc,

Under Armour: 'We're pivoting'

Under Armour announced its Q2 earnings on Tuesday morning, reporting $1.1 billion in revenue, which was right in line with analyst expectations, and a net loss of 3 cents per share, which was better than the expected loss of 6 cents.

But Under Armour also shared that it’s cutting jobs: it will cut 280 employees globally, which amounts to 2% of its workforce.

The stock is selling off following the news, falling by as much as 9% in pre-market trading.

In an earnings press release sent to reporters on Tuesday morning, Under Armour says it has “developed a restructuring plan.”

“In this evolution, we’re pivoting,” the company wrote, noting the following ways: “From a product company to a consumer-led and category-managed brand”; “From predominantly men’s to distinct collections for...