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Shift Tech: Q4 Earnings Snapshot

03/08/2021 | 05:40pm EST

SAN FRANCISCO (AP) _ Shift Technologies, Inc. (SFT) on Monday reported a fourth-quarter loss of $4.5 million, after reporting a profit in the same period a year earlier.

The San Francisco-based company said it had a loss of 7 cents per share. Losses, adjusted for non-recurring gains, came to 44 cents per share.

The results did not meet 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 $73.4 million in the period.

For the year, the company reported a loss of $59.1 million, or $3.12 per share. Revenue was reported as $195.7 million.

For the current quarter ending in April, Shift Tech said it expects revenue in the range of $90 million to $95 million.

Shift Tech shares have decreased 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.68, a drop of 24% in the last 12 months.

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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News

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