Rover Group climbs on annual forecast rise, Q2 rev beat

Rover

02/08/2023 11:43

** Shares of online pet care marketplace Rover Group Inc
 ROVR.O  up 19.18% at $6.7, premarket
    ** Co raises 2023 rev forecast to $222 mln-$227 mln from
$207 mln-$217 mln expected previously 
    ** Co sees Q3 rev between $61 mln-$63 mln, vs. est. $61.85
mln - Refinitiv
    ** Q2 rev rises to $58.53 mln, up 35% YOY; also beats est.
of $52.18 mln
    ** Post results, brokerages JP Morgan and Canaccord Genuity
raises PTs to $6 and $8, respectively
    ** “While we are retaining potential macro economic and
health impacts in our forecast, we now expect the peak timing of
a recession impact to occur in the mid first half of 2024 versus
the previously modeled mid second half of 2023,” - CFO Charlie
Wickers
    ** As of last close, shares up 52.04% YTD
    

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))