PRPL - Purple Innovation falls 14% on Q2 result miss lowers 2022 sales guidance

• Purple Innovation ( NASDAQ: PRPL ) is trading 14% lower after the company posted Q2 result that missed estimates and lowered it full-year revenue forecast.
• It now expects full year 2022 net revenue to be between $570M and $590M, compared with its prior range of $650M to $690M. The forecast was much below analysts estimate of $652.65M.
• The continued shift in demand away from home related categories and the impact of inflation on consumer discretionary spending is delaying top-line recovery, the company said.
• Quarterly revenue decreased 21.1% to $144.1, and missed estimates by $11.69M, while Q2 Non-GAAP EPS of -$0.11 missed by $0.04.

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