Shares of e-commerce platform Vroom, Inc. (Nasdaq: VRM) have been falling in the pre-market trades today. As of 08:29 a.m. EST, the stock price was buoying at $36.80 dropping -16.17%. The decline began yesterday when release of weaker results caused the stock to drop by -8.29% to $43.90 in trading of 3.15M shares.
What do the results say?
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Vroom is an innovative, end-to-end ecommerce platform that improves the way buyers and sellers interact with each other. Consumers can access the entire process of buying and selling vehicles from anywhere using the Company’s scalable, data-driven technology. Among Vroom’s offerings are an extensive selection of used cars, a secure and free platform for buying and selling, transparent pricing, and quick financing.
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Below are the highlights of Vroom’s financial results for the fourth quarter and fiscal year ended December 31, 2020, announced yesterday after close of the market:
- For the Q4 2020, total revenue increased 14.1% to $405.8 million from $355.59 million in the same quarter in prior year and also beat the analysts’ estimate of $402.4 million.
- Total gross profit came at $20.1 million, an increase of 23.1% from the prior-year’s fourth quarter total gross profit of $16.33 million.
- Vroom made more mosses in the reported quarter than the same quarter of previous year. Its after adjustments loss was $0.44 per share against year-ago loss of $0.33 per share while analysts were expecting the company making a loss of $0.39 per share.
- For the full year 2020, total revenue generated by the company was $1.36 billion, a rise 13.9% compared to revenue of $1.19 billion generated in 2019.
- For the year, total gross profit was $71.54 million that came 23.7% more than the total gross profit of $57.86 million in prior year.
- Loss for the full year 2020 came at $1.37 per share against a loss of $1.11 per share in 2019.