Why Purple Innovation Stock Popped 18% Today

Shares of Purple Innovation (NASDAQ: PRPL) jumped more than 18% on Wednesday following the release of the mattress, pillow, and cushion maker's second-quarter results.

Purple's net revenue surged 36% to $103 million. That was well above Wall Street's estimates for revenue of approximately $95 million.

"The positive top-line momentum we experienced at the start of the year carried over into the second quarter," CEO Joe Megibow said in a press release. "We once again delivered strong year-over-year revenue growth as our wholesale door expansion and enhanced marketing programs are continuing to drive greater awareness of the Purple brand and create even greater demand for our differentiated product offering."

Source Fool.com