Shift Technologies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 04:12 pm EDT
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Shift Technologies, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 47.26 million compared to USD 223.73 million a year ago. Net loss was USD 25.78 million compared to USD 52.2 million a year ago. Basic loss per share was USD 1.52 compared to USD 6.45 a year ago.
For the six months, revenue was USD 101.37 million compared to USD 443.31 million a year ago. Net loss was USD 73.87 million compared to USD 109.25 million a year ago. Basic loss per share was USD 4.36 compared to USD 13.67 a year ago.
Shift Technologies, Inc. is a consumer-centric omnichannel retailer transforming the used car industry by leveraging its end-to-end e-commerce platform and retail locations to provide a technology-driven, hassle-free customer experience. The Companyâs segments include Retail and Wholesale. The Retail segment represents retail sales of used vehicles through the Companyâs e-commerce platform and fees earned on sales of value-added products associated with those vehicle sales, such as vehicle service contracts, asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler (DTW). Its technology platform provides a seamless consumer experience for buying a car from the search and discover experience on the website to a seamless digitally driven purchase transaction, including financing and vehicle protection products.
SHIFT TECHNOLOGIES, INC. 
