E.l.f. Beauty continued its winning streak because it ended its financial 12 months, blowing through Wall Street forecasts in its fourth quarter as its bets on marketing and hero products paid off.

Marking its seventeenth consecutive quarter of growth, the Oakland, California-based mass beauty company, whose brands include E.l.f. Cosmetics, Keys Soulcare and Well People, saw net sales jump 78 percent to $187.4 million within the three months ended March 31, surpassing analysts’ forecasts of $176 million.

Net income was $16.2 million, compared with $1.6 million a 12 months earlier, while on an adjusted basis it was $23.8 million, up from $6.9 million. Adjusted diluted earnings per share were 42 cents, compared with 13 cents a 12 months earlier and way above Wall Street estimates of 29 cents.

Its share price spiked around 11 percent in after market trading to $96.07 on the back of the higher than expected results, having closed up 1.7 percent to $86.45.

In an interview with WWD, Tarang Amin, E.l.f. Beauty’s chairman and chief executive officer, noted that it has gained 270 basis points of market share within the quarter and increased its rating to number three in mass cosmetics within the U.S., surpassing Covergirl, in keeping with Nielsen.

He added that it was also “significant” that it became the number-one brand within the mass cosmetics category in Goal, because the retailer had a head start on everyone else because it was E.l.f.’s first retail partner.

“It happened way faster than I believed,” he said. “We’ve got an incredible potential just in the following few years to double our market share like we’ve got during the last 4 years.”

He put a part of its success all the way down to its savvy marketing strategy, especially on social media, of which it has been an early adopter of several platforms. Earlier this 12 months, E.l.f. also aired its first TV business during Super Bowl starring “White Lotus” actress Jennifer Coolidge.

This strategy is predicted to proceed through the coming financial 12 months, with E.l.f. set to extend spending on marketing and digital investment from 22 percent of sales within the last financial 12 months to a spread of between 22 and 24 percent.

“We’re investing much more in marketing since it’s been working and we’ve seen loads of opportunity,” said Amin.

Overall, net sales increased 48 percent to $578.8 million in fiscal 12 months 2023. Adjusted net income was $91.8 million, up from $45.2 million.

For fiscal 2024, it’s expecting net sales of between $705 million and $720 million and adjusted net income of between $98.5 million and $100.5 million.

The earnings come after E.l.f. was recently named the 63rd biggest beauty manufacturer in 2022 by Beauty Inc, with an estimated $497 million in sales.

A separate WWD study of 104 global apparel, luxury, retail and wonder corporations found that only 26 firms within the space beat the Dow last 12 months, with E.l.f. leading the best way, rising 66.5 percent. This marked quite the turnaround as at one point in 2019 shares fell below $8.