Why Casper Stock Plummeted on Monday Morning
Shares of Casper Sleep (NYSE: CSPR) plummeted on Monday morning, after the company reported results for the third quarter of 2020. Management said demand for its mattresses was strong, but problems in its supply chain didn't allow the company to fully capitalize on it. Investors didn't like that, leading to the stock being down 19% as of 11:30 a.m. EST.
For Q3, Casper's revenue was down 3.3% year over year to $123.5 million. According to management, website traffic was at an all-time high. But some of its suppliers of foam didn't have what they needed to manufacture it, leading to many of Casper's mattresses being sold out. Management said this was an industrywide problem.
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Source Fool.com
