Vroom (NASDAQ:VRM) investors are seeing VRM stock take a beating on Thursday following news from its third-quarter 2020 earnings report. This comes despite its adjusted losses per share of 29 cents beating out Wall Street’s estimate of 37 cents. Its revenue of $323 million also comes in above analysts’ estimates of $312.2 million.
Here’s what else is worth noting from the most recent Vroom earnings news.
- Adjusted per-share losses are 6.5% better than the 31 cents from the same period of the year prior.
- Revenue for the quarter is sitting 5.1% lower than the $340.27 million reported in Q3 2019.
- Operating loss of $36.87 million is largely unchanged year-over-year compared to $36.78 million.
- The Vroom earnings report also has its net loss coming in at $37.85 million.
- That’s a 4.8% narrower net loss than the -$39.76 million reported during the same time last year.
Paul Hennessy, CEO of VRM, said this about the stock news.
“I am very pleased with our results for the third quarter, in which we successfully managed the challenges presented by the COVID-19 pandemic, outperformed our plan, demonstrated the strength of our business model, and hit the accelerator on significantly scaling our business.”
Vroom also includes guidance in its most recent earnings report. It’s expecting Q4 losses per share of 41 cents to 35 cents on revenue of $372 million to $414 million. That’s bad news for VRM stock with Wall Street estimating losses per share of 36 cents and revenue of $402.43 million for the quarter.
VRM stock was down 9.3% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.