Results: Loss widened to $6.1 million (loss of 95 cents/share) vs. a loss of $5.3 million (loss of $2.37 per share) in the year earlier period.
Revenue: Rose 48% to $49.1 million YoY.
Actual vs. Wall St. Expectations: The mean estimate for ZIP was a loss of 27 cents/share.
Quoting Management: “We are delighted to report strong financial results in our first quarter as a public company,” said Scott Griffith, Chairman and CEO. “During the first quarter, we continued to generate significant financial momentum organically, highlighted by gains in our membership base, which contributed to solid revenue growth and enhanced profitability in our Established Markets. At the same time, we began the integration of Streetcar in the U.K. after receiving final regulatory approval in December. With our improved financial position following the IPO, we are excited to lead the growth of the global car sharing market on the strength of our brand, network of cities and vehicles, proprietary technology and expertise based on more than 10 million reservations.”
Stock Performance: Shares of ZIP are down 1.77% after hours to $28.25 per share from the previous close.