Shares of the mattress company Purple Innovation (NASDAQ: PRPL) soared at the time of publishing on Thursday after the company’s adjusted losses halved in Q1 to $0.12 per diluted share versus a loss of $0.24 per diluted share in the same period last year while analysts were expecting a loss of $0.13 per share.
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However, the company’s revenues declined by 23.6% year-over-year to $109.4 million but still beat analysts’ expectations of $104.8 million.
Looking forward, the management reiterated its FY23 outlook and expects net revenue to be in the range of $590 to $615 million while adjusted EBITDA is likely to be between $13 million and $17 million, and gross margin is expected to be in the low 40% range for the full year.
Analysts are sidelined about PRPL stock with a Hold consensus rating based on one Buy, two Holds, and one Sell.