SNBR - Why Sleep Number Stock Fell Almost 16% at the Open Today
Shares of Sleep Number (NASDAQ: SNBR) , which makes mattresses and other bedding products, fell sharply at the open on April 21, losing just shy of 16% of their value in the first few minutes of trading. Precipitating that move was the company's first-quarter 2022 earnings update, released after the close of trading on April 20, which was not particularly good reading. Here's a quick look at what put investors in such a negative mood.
Sleep Number's first-quarter 2022 sales declined 7% year over year to $527 million. Wall Street analysts had been looking for sales that were just slightly higher than that. Earnings per share came in at $0.09 per share, which was way off from last year's $2.51 per share and the $0.33-per-share consensus estimate. Investors don't like it when companies miss on both the top and bottom lines, so it makes sense that the stock sold off on this news.
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Why Sleep Number Stock Fell Almost 16% at the Open Today