By Sabela Ojea
Shares of RumbleON dropped after the online vehicle retailer logged a significantly wider-than-expected loss in the third quarter, citing challenges in the auto industry.
The stock was down 16% to $4.75 on Tuesday. Shares have climbed 35% over the past three months, but have fallen 42% since the beginning of the year.
The Irving, Texas-based company posted a quarterly loss of $11.2 million, or 32 cents a share, compared with a loss of $16.5 million, or 99 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast a narrower loss of 16 cents.
Revenue dropped 13% to $295 million, missing the $301.4 million expected by Wall Street, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 12, 2024 13:11 ET (18:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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