Shift Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 08, 2022 at 04:32 pm
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Shift Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 161.87 million compared to USD 179.8 million a year ago. Net loss was USD 75.81 million compared to USD 37.39 million a year ago. Basic loss per share from continuing operations was USD 9.2 compared to USD 4.8 a year ago.
For the nine months, revenue was USD 605.18 million compared to USD 440.65 million a year ago. Net loss was USD 185.06 million compared to USD 111.81 million a year ago. Basic loss per share from continuing operations was USD 22.9 compared to USD 14.3 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. 
