Stocks

Bird continues to face challenges

Bird sold a vision of micro-mobility and got me excited. I thought it would really worked out initially. In the next year I saw their vehicles trashed into lakes, vandalized and I encountered one that isn’t functional. I realized this wasn’t going to work out. Not in Oakland and San Francisco at least.

Bird Stock Plummets After Electric Scooter Firm Gives Weak Guidance

Bird rents electric scooters and bikes in over 400 cities in more than 30 countries. It also sells its micro-electric vehicles to consumers. Last year, those hardware sales made up 9% of total revenue.

In the December quarter, Bird lost an adjusted $21.5 million on sales of $54 million. Wall Street was modeling a loss of $31 million on sales of $50.8 million.

For the full-year, Bird lost an adjusted $66.9 million on sales of $205 million. Analysts were projecting Bird to lose an adjusted $77 million on sales of $201.9 million in 2021, according to FactSet.

In 2021, Bird’s sales rose 117% year over year due to easy comparisons to the Covid-hampered 2020. Compared with 2019, sales were up 60%.

Investors Business Daily

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s