Shift Technologies (NASDAQ:SFT) stock is taking a beating on Wednesday after releasing its earnings report for the fourth quarter of 2022.
The latest earnings report includes mixed results, with earnings per share of -$2.56 and revenue of $65.57 million. To put those in perspective, Wall Street was expecting EPS of -$4.76 and revenue of $75.33 million.
Jeff Clementz, CEO of Shift Technologies, said the following in the earnings report:
“2022 was a year of significant change for Shift. Given market dynamics of the auto industry and capital markets, we adjusted our strategy to prioritize balance sheet health, reduce cash burn, and accelerate our path to profitability.”
What to Expect From SFT Stock
The latest earnings report also includes guidance for the coming quarter. This has Shift Technologies expecting revenue for the first quarter of 2023 to range from $56 million to $58 million. For the record, Wall Street is expecting Q1 2023 revenue to come in at $105.37 million.
While the stock is down today, it doesn’t come with heavy trading. Only around 36,000 shares have changed hands as of this writing, as compared to its daily average of 451,000 shares. That’s somewhat surprising, considering heavy trading typically follows earnings reports.
SFT stock is down 13.7% as of Wednesday morning.
Investors will want to stick around for more of the most recent stock market news!
We’ve got everything traders need to know about on Wednesday! That includes the latest news that has shares of Draganfly (NASDAQ:DPRO), LogicMark (NASDAQ:LGMK), and BiomX (NYSEMKT:PHGE) stock on the move today. You can catch up on all of these matters at the links below!
More Wednesday Stock Market News
- Why Is Draganfly (DPRO) Stock Down 17% Today?
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- Why Is BiomX (PHGE) Stock Up 8% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.