Casper Sleep’s stock jumps after narrower-than-expected loss, revenue rises above forecast

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Shares of Casper Sleep Inc. shot up 5.9% in premraket trading Tuesday, after the mattress seller reported a narrower-than-expected second-quarter loss, as store reopenings helped revenue rise more than forecast. The net loss narrowed to $24.2 million, or 61 cents a share, from $26.9 million, or $2.56 a share, in the year-ago period. The FactSet consensus for losses per share was 76 cents. Revenue rose 15.7% to $110.2 million, above the FactSet consensus of $104.8 million. Direct-to-consumer revenue grew 5% to $81.0 million while retail partnership revenue jumped 61.1% to $29.2 million. The company said after its North American stores were closed on March 17, as a result of the COVID-19 pandemic, its stores started reopening on May 14, with 57 of its 59 stores open with varying service levels as of June 30. The stock, which went public on Feb. 6, has rallied 21.3% over the past three months through Monday, while the S&P 500 has advanced 14.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.