On Friday, the stock of Getaround Inc, the renowned online car-sharing or peer-to-peer car-sharing service, experienced a substantial surge after the release of the company’s impressive year-over-year financial results for the third quarter (Q3), prompting a notable shift in market sentiment.
The closing bell on Thursday marked Getaround Inc.’s stock at $0.16, but the narrative took a bullish turn as trading resumed on Friday, with the stock catapulting to an opening price of $0.39.
At the time of this publication, Getaround Inc stock (GETR) has witnessed a surge.
Getaround Inc
Current Price: $0.39
Change : +0.22
Change (%): (133.64%)
Volume: 93.2M
Source: Tomorrow Events Market Data
Getaround Inc unveiled its earnings results for the third quarter (Q3) and the nine months ending on September 30, 2023. The figures showcased robust growth and financial stability for the company during this period.
For the third quarter, Getaround Inc. reported sales of $0.412 million, exhibiting an uptick from the $0.383 million reported in the same quarter a year ago. Revenue also saw a substantial surge, reaching $23.8 million compared to the $16.74 million recorded in the corresponding quarter last year. Notably, the net loss for the third quarter narrowed to $27.35 million from the $32.42 million reported a year ago. Basic loss per share from continuing operations showed a marked improvement at $0.29 compared to $1.38 a year ago, and diluted loss per share from continuing operations mirrored this positive trend at $0.29, a significant drop from $1.38 a year ago.
Zooming out to the nine-month view, Getaround Inc. reported sales of $1.13 million, reflecting an increase from the $1.06 million reported in the same period last year. The cumulative revenue for the nine months amounted to $53.94 million, showcasing substantial growth compared to the $45.03 million reported a year ago. The net loss for the nine months stood at $80.41 million, a notable improvement from the $100.58 million reported in the corresponding period last year. Basic loss per share from continuing operations showed a favorable trend at $0.87 compared to $4.41 a year ago. The diluted loss per share from continuing operations similarly demonstrated an improvement, settling at $0.87 compared to $4.41 a year ago.
Market analysts and industry experts are attributing the surge in Getaround Inc.’s stock to the positive trajectory depicted in its financial results. Investors are responding favorably to the company’s ability to not only increase sales and revenue but also to curtail net losses, signaling a potential turning point for the peer-to-peer car-sharing service.
As the market continues to digest the implications of Getaround Inc.’s stellar performance, stakeholders and investors are keenly watching how the company will navigate the evolving landscape of the online car-sharing industry. The positive momentum generated by the Q3 financial results has undoubtedly positioned Getaround Inc. as a noteworthy player in the competitive market, attracting attention and optimism from both investors and industry observers alike.
