Shift Tech: Q1 Earnings Snapshot

·1 min read

SAN FRANCISCO (AP) _ Shift Technologies, Inc. (SFT) on Wednesday reported a loss of $42.8 million in its first quarter.

The San Francisco-based company said it had a loss of 55 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 43 cents per share.

The company posted revenue of $106 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $94.3 million.

For the current quarter ending in July, Shift Tech said it expects revenue in the range of $120 million to $130 million.

The company expects full-year revenue in the range of $480 million to $520 million.

Shift Tech shares have risen 1% since the beginning of the year. The stock has dropped 18% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SFT at https://www.zacks.com/ap/SFT

The Associated Press

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