HyreCar surges on strong Q1 revenue forecast

HC Liquidating

06/04/2020 16:00

** Shares of HyreCar Inc  HYRE.O , a car-sharing marketplace
for ridesharing, food and package delivery, up 20.2% at $1.13 in
morning trade
    ** Stock set to have its best day in over a year, if gains
hold
    ** Expects Q1 revenue between $5.5 mln and $5.6 mln vs
analysts' estimates of $5.5 mln - Refinitiv  urn:newsml:reuters.com:*:nBw8BwNGJa
    ** "Rental days" were over 229,000 in Q1, up 16% from the
prior quarter and up 66% from last year, despite the impact from
the COVID-19 pandemic in the last two weeks of the qtr - co
    ** "While ridership on Uber and Lyft platforms has declined
significantly across the country, the current crisis has enabled
HyreCar to shift its driver and vehicle supply focus towards
delivery services and explore more partnerships" - co
    ** 60% of its drivers have shifted to food and package
delivery, including Doordash, Postmates, Instacart and Amazon -
co
    ** Despite session's gains, stock down 57% YTD

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))