Crocs (CROX) shares plummeted 14.95% during intraday trading on Thursday, as investors reacted negatively to the company's weaker-than-expected third-quarter guidance and a mixed second-quarter earnings report, despite an improved full-year forecast.

The footwear maker projected third-quarter revenue to be approximately flat compared to the prior year, and forecast adjusted earnings per share of $3.20 to $3.30, well below the analyst consensus of $3.54. This cautious outlook overshadowed the company's record second-quarter results, which included a raised full-year adjusted EPS guidance to $13.70-$14.00 and an increased share repurchase authorization of $1.5 billion. Adding to the pressure, some reports indicated a miss on second-quarter revenue and profit, with initial figures showing revenue of $1,000 million against an IBES estimate of $1,148 million, and adjusted EPS of $4.23 versus the $4.34 consensus.

The stock had also experienced a significant rally leading up to the earnings release, prompting a "sell-the-news" reaction as profit-taking set in. The sharp decline triggered a volatility trading halt earlier in the session, reflecting the intensity of the market's response to the disappointing outlook.