What the heck is an Pravana?
In May, Prava, a leading maker of precious metals detectors, posted its third quarterly loss in three years.
The company reported that it sold 3.9 million units, or about 12 percent of its total market share.
The results are a reflection of the growing popularity of the metal detector that’s been popular with teens and young adults in recent years.
In the past, the Pravas most popular models were the Bolex and the Rodeo.
But these days, the company’s most popular products are the Pralas.
The Rodeos are small, sleek and compact metal detectors that can scan and record a whole array of metal objects, from pennies to gold.
They have been a big seller for Pravos main competitor, the VivoScan, which is more expensive and comes in a smaller box.
While Pravia sold 2.5 million Rodeoses, the average sales price is about $600.
The VivoScans are bigger, more expensive models that can read up to 10,000 objects at a time.
The Pravanas latest quarterly loss came after it announced that it was eliminating about 1,000 jobs.
The firm’s revenue fell 7.4 percent to $7.85 billion.
Its share price fell 9.4 points to $26.45, while its revenue fell 5.9 percent to about $9.3 billion.
But despite the losses, Prapa has plenty of customers.
The brand has a presence in the consumer electronics and automotive industries.
Pravapar has a significant presence in banking and insurance.
And the Pramas main competitor in the gold and silver industry, VivaScan, is the No. 1 platinum detector in the world.
Pramash, a company that makes the Prapas popular detectors, said in a statement that it had cut 5,000 employees.
Its parent company, Reliance Industries, said it had announced a voluntary recall of more than 500,000 VivoSensors.