Crocs forecast a 9% to 11% revenue decline in Q3 due to tariffs and soft consumer spending. Stock fell 25% to $79 after Q2 results. CFO Susan Healy expects mid-single digit brand decline in North America. Incremental tariffs to create $40 million headwind in second half, impacting margins by 170 basis points in Q3.

Q2 revenue slightly beat estimates at $1.41 billion. Adjusted EPS of $4.23 exceeded expectations of $4.02 per share. Crocs imports most products from countries facing 10% to 20% tariffs. The company anticipates a challenging wholesale environment for both brands in the second half of the year.

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