Shift Reports ‘Strong 2nd Quarter’

By Staff Writer September 01, 2020 329

Shift Technologies Inc, an end-to-end ecommerce platform, is raising its third quarter outlook for adjusted gross profit and adjusted gross profit per unit. The company also announced that its senior management team will offer a deeper dive into certain business operations as well as provide a financial update. On June 29, Shift and Insurance Acquisition Corp., a publicly traded special purpose acquisition company, announced a business combination that will bring the newest pure-play in used car ecommerce to the public markets. Upon closing, the newly combined company will be listed on NASDAQ under a new ticker symbol, SFT.

(PRNewsfoto/Shift)
(PRNewsfoto/Shift)

“We are pleased to report strong second quarter results, with units and revenue in line with our prior guidance, and 41 percent outperformance in GPU, relative to our original expectations,” Toby Rssell, Shift co-CEO, stated. “Despite the near-term macroeconomic uncertainty, we are increasing our Q3 adjusted gross profit and GPU guidance by 10 percent.

“We believe our results are evidence of the strength of our model and our ability to execute on our growth strategy. We took a conservative approach to inventory acquisition during the lockdowns from March through May which drove strong GPU for July, ahead of our prior expectations, and were able to significantly grow our inventory throughout the summer to meet consumer demand.”

 

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Last modified on Tuesday, 01 September 2020 13:26