Shift Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
March 28, 2023 at 04:08 pm
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Shift Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported revenue was USD 65.57 million compared to USD 196.22 million a year ago. Net income was USD 13.01 million compared to net loss of USD 54.46 million a year ago. Basic earnings per share from continuing operations was USD 1.26 compared to basic loss per share from continuing operations of USD 6.96 a year ago. Diluted earnings per share from continuing operations was USD 1.25 compared to diluted loss per share from continuing operations of USD 6.96 a year ago.
For the full year, revenue was USD 670.75 million compared to USD 636.87 million a year ago. Net loss was USD 172.04 million compared to USD 166.27 million a year ago. Basic loss per share from continuing operations was USD 19.91 compared to USD 21.29 a year ago. Diluted loss per share from continuing operations was USD 19.91 compared to USD 21.29 a year ago.
Shift Technologies, Inc. is a consumer-centric omnichannel retailer transforming the used car industry by leveraging its end-to-end e-commerce platform and retail locations to provide a technology-driven, hassle-free customer experience. The Companyâs segments include Retail and Wholesale. The Retail segment represents retail sales of used vehicles through the Companyâs e-commerce platform and fees earned on sales of value-added products associated with those vehicle sales, such as vehicle service contracts, asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler (DTW). Its technology platform provides a seamless consumer experience for buying a car from the search and discover experience on the website to a seamless digitally driven purchase transaction, including financing and vehicle protection products.
SHIFT TECHNOLOGIES, INC. 
