Shift Technologies Inc falls on downbeat Q2 forecast

Shift Technologies

11/05/2022 11:41

** Online used-car retailer's shares  SFT.O  down ~3% at
$1.20 premarket
    ** Company on Tuesday forecast Q2 revenue below analysts'
expectations
    ** SFT sees Q2 revenue between $225 mln and $235 mln, vs est
$250.82 mln - Refinitiv IBES data
    ** Q1 loss widens to $57 mln, or 70 cents per share, from
$42.8 mln, or 55 cents per share, a year earlier
    ** However, SFT beats estimates for Q1 revenue, which more
than doubled compared to a year earlier  urn:newsml:reuters.com:*:nGNXbSKqvG
    ** Up to Tuesday's close, stock down ~64% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com; Twitter: https://twitter.com/AnanyaMariam))