E.l.f. Beauty CEO Tarang Amin said the LA wildfires and looming TikTok ban lowered social media conversions for sales, which the company says is a key reason for why the company is lowering its fiscal outlook for the rest of the year.

STORY: Shares of cosmetics company Elf Beauty plunged as much as 28% Friday morning after it cut its annual net sales and profit forecasts.The social-media savvy makeup brand has chased growth through collaborations with TikTok influencers.

The company now expects annual net sales of $1.30 billion to 1.31 billion, down from a prior target of $1.315 billion to 1.335 billion. It also lowered its annual adjusted profit per share target to $3.27 to 3.32 from $3.47 to 3.53.