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Casper stock rallies after revenue rises to a record to beat expectations as losses narrow

·1 min read
Casper stock rallies after revenue rises to a record to beat expectations as losses narrow
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Shares of Casper Sleep Inc. surged 4.8% toward a three-month high in premarket trading Thursday, after the mattress-in-a-box seller reported a narrower loss and revenue that rose above expectation, and provided an upbeat outlook. The net loss narrowed to $21.2 million, or 52 cents a share, from $34.0 million, or $1.23 a share, in the year-ago period. The FactSet consensus for per-share losses was 53 cents. Revenue grew rose to a record $127.7 million from $113.0 million, beating the FactSet consensus of $125.0 million, as gross margin improved to 52.2% from 46.9%. "Our third-party manufacturing model is enabling us to effectively navigate industry-wide supply chain challenges as we meet growing demand for our products," said Chief Executive Philip Kim. For the second quarter, the company expects revenue of $146 million to $153 million, above the current FactSet consensus of $134.1 million. Casper's stock has lost 4.7% over the past three months through Wednesday but has run up 57.6% year to date, while the S&P 500 has gained 3.3% the past three months and advanced 8.2% this year.