Shift Technologies slides after Q4 rev miss

Shift Technologies

29/03/2023 11:47

** Online used-car retailer Shift Technologies Inc's  SFT.O 
shares down ~16% at $1.41 premarket
    ** Posts Q4 revenue of $65.6 million, below analysts'
estimates of revenue of $73.2 million -Refinitiv IBES data
    ** Co blames lower adjusted gross profit per unit on
sell-through of aged inventory, steeper-than-expected market
depreciation and below capacity reconditioning activity
    ** However, SFT posts Q4 profit of $13.0 million vs a net
loss of $75.8 million, a year earlier
    ** SFT fell 95.6% in 2022

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))