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Shares of mattress company Purple Innovation(NASDAQ: PRPL) went down on Friday after the company reported record quarterly revenue and operating income for the second quarter of 2020. As of 12:30 p.m. EDT, the stock was down 8% for the session.
If this looks like a contradiction, remember that Purple stock had already more than doubled in 2020, and was up around 400% from lows hit during the market crash. Furthermore, Wall Street analysts had expected more from the company in Q2, resulting in unmet investor expectations.