With Competition Looming, Zipcar’s Q2 2012 Revenue And Earnings Disappoint
Ryan has spent more than five years covering business, technology, and telecom-related subjects for a variety of publications based in New York and San Francisco. Ryan currently works as a writer for TechCrunch. ? Learn More Zipcar is seeing increased competition in the car-sharing market, which is one reason that it might not be growing as quickly as it, or analysts, like. Zipcar reported second-quarter loss of $422,000 today, or $0.01 a share, compared to a net loss of $5.6 million, or $0.17 a share, in the prior year’s second quarter. The earnings came on revenues of $70.8 million, which is up 15 percent from $61.6 million in the second quarter 2011. But Wall Street analysts expected the company to break even this quarter, with revenue rising 18.7 percent to $73.1 million. And Zipcar missed its own revenue forecast of between between $71 million and $74 million. Zipcar shares popped during the IPO, rising to nearly $30 a share. But ever since, they’ve been on a gradual decline, an...