Vroom names new CEO, posts smaller-than-expected loss; shares jump

Vroom

10/05/2022 11:31

** Shares of online used-car seller  VRM.O  up ~31% at $1.42
before the bell
    ** Stock set to snap three consecutive sessions of losses,
if gains hold
    ** VRM after hours on Monday appointed COO Tom Shortt as new
chief executive, effective immediately  urn:newsml:reuters.com:*:nBw8XlksKa
    ** Shortt replaces Paul Hennessy, who has stepped down "to
pursue other opportunities"
    ** Separately, VRM also reports better-than-expected Q1
results, boosted by 60% surge in its e-commerce revenue 
    ** Total revenue of $923.8 mln tops estimates of $878.1 mln,
while adjusted net loss of 71 cents/shr comes in smaller than
$1.01 loss expected, according to Refinitiv IBES  urn:newsml:reuters.com:*:nASA03B3N
    ** VRM shares have plunged ~90% YTD, as of Monday's close

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))