Sleep Number Corp (NASDAQ:SNBR) is trading significantly lower Wednesday morning after the company announced worse-than-expected financial results.

Sleep Number reported second-quarter earnings of 88 cents per share, which came in below the estimate of $1.07 per share. The company reported quarterly revenue of $484.32 million, which missed the estimate of $503.85 million. 

Sleep Number raised its full year 2021 earnings guidance to $7.25 per share, which is higher than the estimate of $6.75 per share. 

“Robust consumer demand for Sleep Number 360 smart beds exceeded our expectations, while near-term supply constraints limited delivered net sales in June and July," said Shelly Ibach, president and CEO of Sleep Number. 

Price Action: Sleep Number has traded as high as $151.43 and as low as $42.15 over a 52-week period.

At last check Wednesday, the stock was down 11.40% in premarket trading at $99.48.