Shares of Purple Innovation Inc. were falling sharply in late trading Tuesday after the mattress company posted weaker-than-expected results, with management calling out a “manufacturing backlog.”

The company generated third-quarter net income of $2.1 million, whereas it recorded a loss of $87.0 million a year prior. The company saw an adjusted loss per share of 7 cents, while it posted adjusted earnings per share of 27 cents in the year-earlier quarter. Analysts tracked by FactSet were expecting 15 cents in adjusted earnings…

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