In its first fiscal quarter since President Donald Trump's tariffs were announced, cosmetics company E.l.f. Beauty reported a 30% decline in net income, causing its shares to fall nearly 11% the day after its earnings report. E.l.f. is sourcing 75% of its products from China. E.l.f. Cosmetics was the No. 1 color cosmetics brand in the U.S. by units sold — and No. 2 by dollar share — in 2024, according to the company. It's also the most purchased brand by Gen Z, Gen Alpha and millennial consumers, the compan ...