Purple Innovation Inc (PRPL) reported less than expected earnings this afternoon for Q4 2022.
The consensus among analysts for Purple Innovation Inc was for an earnings per share (EPS) loss of $0.06 per share. The firm failed to meet those projections, reporting an EPS loss of $0.10 per share, a negative surprise of $0.04 (-67%). Profits rose 71% year-over-year after reporting an EPS loss of $0.35 per share in its year-ago quarter. The positive growth rate signals that the Consumer Cyclical company is performing well amid recent economic conditions.
Revenues were upbeat at $145.1 million. That represents a 22.16% decrease in revenues from the year-ago report and is 0.67% higher than consensus estimates set at $144.2 million.
The stock is down 20.05% to $2.64 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 48. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Purple Innovation Inc is a comfort innovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products. It sells its products through online channels, traditional wholesale partners and third-party online retailers.