Why Is Getaround (GETR) Stock Up 106% Today?


  • Getaround (GETR) stock is up on Friday alongside a strong Q3 earnings report.
  • The company’s revenue came in above estimates.
  • It also posted a greatly improved EPS.
GETR Stock - Why Is Getaround (GETR) Stock Up 106% Today?

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Getaround (NYSE:GETR) stock is on the rise Friday following the release of the peer-to-peer car-sharing company’s third quarter of 2023 earnings report.

The earnings report includes revenue of $23.8 million for the quarter. That’s better than the $15.44 million that Wall Street was expecting in Q3. It also represents year-over-year growth of 42%.

Investors will also note that diluted earnings per share for the quarter came in at -29 cents. That’s much narrower than the company’s EPS of -$1.38 from the same period of the year prior.

Getaround founder and CEO Sam Zaid said the following about the company’s latest earnings data:

“Getaround is now the leader in gig car sharing. We believe our performance in the third quarter marked an inflection point in our growth as a company, with a significant increase in total revenues over 2022, achieving an annualized revenue run-rate of $95 million.”

GETR Stock Movement on Friday

Following the release of its positive earnings report, shares of GETR stock are seeing heavy trading on Friday! That has more than 14 million shares of the stock changing hands as of this writing. That’s already well above its daily average trading volume of about 1 million shares.

GETR stock is up 106.2% as of Friday morning.

Investors who want more of the latest stock market stories are in the right place!

We have all of the hottest stock market news worth reading about on Friday! Among that is what has shares of Aurora Tech (NASDAQ:ATAK) stock up, the biggest pre-market stock movers today and more. You can catch up on all of these matters at the links below!

More Stock Market News for Friday

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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.

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