Stock Alert: Purple Innovation Trading Down 24%

(RTTNews) - Shares of comfort technology company Purple Innovation, Inc. (PRPL) are falling more than 24% Thursday morning after the company reported its fourth-quarter results.

Excluding items, adjusted earnings for the quarter were $0.07 per share. On average, 10 analysts surveyed by Thomson Reuters expected earnings of $0.11 per share.

Looking forward to the first quarter, the company expects revenue to be in the range of $160 to $170 million. The consensus estimate stands at $176.46 million.

Net loss for the quarter narrowed to $2.04 million or $0.03 per share from net loss of $4.15 million or $0.29 per share last year.

Revenue for the quarter increased 39.9% to $173.9 million compared with $124.3 million in the same quarter a year ago. The consensus estimate was for $196.33 million.

For 2021, Purple Innovation expects revenue to be in the range of $840 to $880 million. Analysts expect the company to report revenue of $826.53 million for the year.

PRPL, currently at $27.42, has been trading in the range of $4.42- $41.08 in the last 52 weeks.