Shares of RumbleOn (NASDAQ: RMBL) soared over 10% in morning trading Thursday even as the technology-based powersports platform company swung to a loss of $0.68 per share versus earnings of $0.60 per share in the same period last year. The fourth quarter loss was wider than analysts’ consensus estimate of a loss of $0.14 per share.
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Sales declined by 14.1% year-over-year to $369.5 million again missing analysts’ expectations of $398.5 million.
Looking forward, management initiated its outlook for FY23 and now expects total powersports and transportation revenues in the range of $1.4 billion to $1.6 billion with adjusted EBITDA expected to be between $95 million and $105 million.
RMBL stock has dropped by more than 70% in the past year.