Investors will want to stick around for more of the most recent stock market news! SFT stock is down 13.7% as of Wednesday morning. That’s somewhat surprising, considering heavy trading typically follows earnings reports.
Only around 36,000 shares have changed hands as of this writing, as compared to its daily average of 451,000 shares. While the stock is down today, it doesn’t come with heavy trading. For the record, Wall Street is expecting Q1 2023 revenue to come in at $105.37 million. This has Shift Technologies expecting revenue for the first quarter of 2023 to range from $56 million to $58 million. The latest earnings report also includes guidance for the coming quarter. Given market dynamics of the auto industry and capital markets, we adjusted our strategy to prioritize balance sheet health, reduce cash burn, and accelerate our path to profitability.” What to Expect From SFT Stock “2022 was a year of significant change for Shift. Jeff Clementz, CEO of Shift Technologies, said the following in the earnings report: To put those in perspective, Wall Street was expecting EPS of -$4.76 and revenue of $75.33 million. The latest earnings report includes mixed results, with earnings per share of -$2.56 and revenue of $65.57 million. Shift Technologies (NASDAQ: SFT) stock is taking a beating on Wednesday after releasing its earnings report for the fourth quarter of 2022.
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