SNBR - Here's Why Sleep Number Stock Skyrocketed Today
2024-02-23 13:14:14 ET
Shares of premium mattress brand Sleep Number (NASDAQ: SNBR) skyrocketed on Friday after the company reported financial results for 2023 and gave financial guidance for 2024. As of 10:50 a.m. ET, Sleep Number stock was up an eye-popping 39%.
Take Sleep Number's stock gains today with a grain of salt -- the stock is still down 90% from its all-time high and shares are flat year to date after this morning's gain. That said, the market is responding to a relative stabilization in consumer demand and a promising profit outlook.
Sleep Number takes orders and customer deposits regularly but doesn't recognize revenue until mattresses are delivered. Therefore, there's a lag between current consumer demand and revenue -- revenue now is a reflection of past demand.
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Here's Why Sleep Number Stock Skyrocketed Today