Purple Innovation Cuts FY24 Net Revenue Outlook From $540M - $560M To $490M - $510M, Est $543.241M
Portfolio Pulse from Benzinga Newsdesk
Purple Innovation has revised its FY24 net revenue outlook from $540M-$560M to $490M-$510M, citing first half results and ongoing industry-wide demand declines. The company maintains its adjusted EBITDA outlook for 2024, expecting it to be between $(20) million and $(10) million.
August 05, 2024 | 9:01 pm
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Purple Innovation has lowered its FY24 net revenue outlook to $490M-$510M from $540M-$560M, citing first half results and industry-wide demand declines. The adjusted EBITDA outlook remains unchanged at $(20) million to $(10) million.
The significant reduction in revenue outlook indicates weaker-than-expected performance and industry challenges, likely leading to a negative short-term impact on PRPL's stock price. However, the maintained EBITDA outlook provides some stability.
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