HyreCar shares drop 6% on Q3 results

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HyreCar Inc. shares tumbled 6% in after-hours trading Wednesday after the operator of a peer-to-peer car-sharing marketplace reported fiscal third-quarter results. HyreCar reported a net loss of $1.8 million, or 10 cents a share, compared with a net loss of $3.6 million, or 24 cents a share, in the year-ago quarter. The adjusted loss in the quarter was $1.6 million, or 9 cents a share. Revenue jumped 83% to $6.8 million from $3.7 million a year ago. Analysts surveyed by FactSet had expected a loss of 9 cents a share on revenue of $6.4 million. HyreCar shares are up 91% this year. The broader S&P 500 index has climbed 10.6% in 2020.
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