Rumbleon Inc Down 8.88% To $5.85 After Earnings Miss

RumbleON Inc (RMBL) reported less than expected earnings this morning for Q3 2023.

Wall Street earnings per share (EPS) projections for Rumbleon Inc were at a loss of $0.51 per share. The company missed those estimates with an EPS loss of $0.71 per share. The loss of $0.71 per share (which represents a -39% EPS surprise) led to the company's profits falling 363% compared to last year when the firm reported an EPS of $0.27. The decline in Rumbleon Inc's annual growth rate represents how the business isn't performing well amid current economic conditions.

Revenues were downbeat at $338.1 million. That represents a 28.10% decrease in revenues from the year-ago report and is 4.75% lower than consensus estimates set at $355 million.

The stock is down 8.88% to $5.85 after the report.

Rumbleon Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 40. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

RumbleON Inc is a US-based online retailer that allows both consumers and dealers to Buy-Sell-Trade-Finance pre-owned motorcycles in an efficient, fast, transparent, and engaging experience. Its segments include power sports, automotive, and vehicle logistics and transportation. Powersports and automotive segments consist of the distribution of pre-owned vehicles. The Powersports segment consists of the distribution of motorcycles, while the automotive segment distributes cars and trucks. The vehicle Logistics and transportation service segment offers nationwide automotive transportation services between dealerships and auctions.