Shares of Coty Inc. (COTY) - Get Report surged 32% to close at $9.33 in Friday trading after the beauty products company beat Wall Street's second quarter expectations. 

The New York-based company posted a loss of $960.6 million, or $1.28 a share, after reporting a profit a year ago. Adjusted earnings came to 24 cents a share, beating analysts' expectations of 22 cents. Coty, whose brands include Max Factor, Calvin Black, Clairol, and Tiffany, reported earnings of 32 cents a share a year ago.

Revenue totaled $2.51 billion, beating Wall Street's forecast of $2.47 billion.

"Within Coty, there are clear opportunities to improve how we run our company in order to enhance the quality of our business model, thereby giving us the time that we need to address our more strategic issues," Pierre Laubies, Coty CEO, said in a statement. "I must stress that while we are confident that we can return Coty to a path of sustainable growth, we are also realistic that it will take time to achieve this outcome."

Laubies, who was named CEO in November, replacing Camillo Pane, said he has been "thoroughly evaluating each part of our business, working to assess what has and has not worked, and where the opportunities lie." 

Laubies said Coty's luxury and professional beauty divisions are growing reasonably well, but they cannot compensate completely for the difficult trajectory of the company's consumer beauty division.

"In Consumer Beauty, we need to earn our right to grow," Laubie said.