Here's Why Purple Innovation Stock Got Crushed Today
Shares of mattress company Purple Innovation (NASDAQ: PRPL) got crushed on Thursday after the company reported financial results for 2020 and gave guidance for 2021. It appears it fell short of expectations in both areas, leading to the stock's fall. As of 11 a.m. EST, Purple stock was down 23%.
For 2020, Purple grew net revenue to $648.5 million, a 51.4% year-over-year increase from 2019. The company also turned a profit of $10.9 million compared to a loss of $12.4 million the year before. Early in the pandemic, it appeared as though the company's sales would suffer, since many of its brick-and-mortar wholesale partners were closed. However, Purple's direct-to-consumer sales surged to more than make up the difference.
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Source Fool.com
