Vroom Inc (NASDAQ:VRM) shares are trading higher Tuesday after the company announced better-than-expected financial results.
Vroom said first-quarter revenue increased 56.3% year-over-year to $923.77 million, which beat the $878.13 million estimate, according to data from Benzinga Pro. The company reported a quarterly loss of 71 cents per share, which beat the estimate for a loss of $1.01 per share.
Vroom said it sold 19,473 e-commerce units in the first quarter, up 26% year-over-year. E-commerce revenue totaled $675.4 million, up 60% year-over-year. Vroom said it expects e-commerce unit sales to be between 45,000 and 55,000 for full-year 2022.
The company announced a business realignment plan designed to position Vroom for long-term profitable growth by prioritizing unit economics, reducing operating expenses and maximizing liquidity. Vroom expects to reduce costs by $135 million to $165 million once the realignment plan is fully executed.
Vroom also announced that it appointed Tom Shortt to CEO, effective immediately. Shortt previously served as COO of Vroom.
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VRM 52-Week Range: $1.08 - $46.30
The stock was up 24.9% at $1.35 at press time.
Photo: courtesy of Vroom.
