Vroom Q3 Earnings: Loss Narrows, Earnings Decline

“Under our restructuring plan, we are reducing unit sales to focus on profitability by, among other things, reducing operating expenses and increasing gross margin per unit,” the company said. in the quarterly filing on Monday.

Vroom said it reduced selling, general and administrative expenses by $18.3 million quarter over quarter.

It also reported restructuring its network of logistics hubs to match the reduced unit volume and regional operating model. According to the filing, Vroom has cut back on its “unique logistics operations and customer support team” and closed one of his Houston offices.

bloom strains It rose 11% to $1.01 in after-hours trading on Monday.

Earnings for the third quarter: $340.8 million, down 62% year-over-year

Q3 e-commerce revenue: $225.4 million, down 68%.

Third Quarter Net Loss: $51.1 million, less than a loss of $98.1 million in the previous year

E-commerce vehicles sold in Q3: 6,428, 67% down