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.
The Associated Press