Purple Innovation Inc (PRPL) said after close Wednesday that it lost $0.2 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $120.9 million, missing estimates by $11.5 million.
In the same quarter a year ago, the company lost $0.11 per share on revenue of $144.1 million.
The stock is down 17.03% to $2.27 after the report.
The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
Wall Street Analysts had an average rating of Buy on the stock prior to the report.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Purple Innovation Inc has performed a little below average during the past few months. Before the report, Purple Innovation Inc received a Long-Term Technical Rank by InvestorsObserver of 43, putting it in the bottom half of stocks. The firm set a 52-week low on April 13, 2023 at $2.2 and set a 52-week high on February 2, 2023 at $6.76.
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.
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Purple Innovation Inc Down 17.03% To $2.27 After Earnings Miss
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