Under Armour revenue beats on e-commerce strength

(Reuters) – Sportswear maker Under Armour Inc beat analysts’ estimates for quarterly revenue on Friday, as consumers shopped more online during the coronavirus lockdowns, sending its shares up about 8% in premarket trading.

Net revenue fell about 41% to $707.6 million in the second quarter ended June 30, compared with estimates of $558.5 million, according to IBES data from Refinitiv.

Under Armour reported a bigger net loss of $182.9 million, or 40 cents per share, in the quarter, compared with a loss of $17.3 million, or 4 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)