Updated from 10:49 a.m. EST:

NEW YORK (TheStreet) -- Shares of Crocs(CROX) - Get Report  are tumbling 23.64% to $8.40 in mid-morning trading today after the Niwot, CO-based shoe manufacturer reported lower-than-expected second quarter results before today's market open. 

Crocs posted earnings of 13 cents per share, falling short of analysts projected 16 cents per share. Revenue fell 6.3% year-over-year to $323.8 million, missing analysts estimated $347.75 million. 

In 2015, Crocs reported earnings of 31 cents per share on revenue of $345.67 million for the second quarter. 

The company lowered its revenue guidance for the third quarter to between $245 million to $255 million, below analysts estimations of $289.52 million. Crocs also expects revenue to be down low single digits for 2016, primarily as a result of a "more cautious retail environment" and a slow turnaround in China. 

"The global retail environment became more challenging as the second quarter progressed," said Crocs CEO Gregg Ribatt in a statement. "This impacted our wholesale reorder opportunities and contributed to our sales shortfall relative to expectations."

About 7.22 million of the company's shares were traded so far today vs. its average volume of 744,311 shares per day.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CROCS INC as a Hold with a ratings score of C-. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: CROX

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