HyreCar shares rise 5% on better-than-expected revenue, earnings

/ / News

HyreCar Inc. shares were up 5% in after-hours trading Thursday after the online car-sharing service reported fiscal second-quarter results that shot past Wall Street estimates. HyreCar reported an adjusted loss of $1.7 million, or 10 cents a share, compared with a loss of $1.4 million, or 12 cents a share, in the year-ago quarter. Revenue jumped 47% to $5.6 million from $3.8 million a year ago. Analysts surveyed by FactSet had expected a loss of 19 cents a share on revenue of $5.1 million. HyreCar shares are up 39.5% this year. The broader S&P 500 index has improved 4.4% in 2020.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.