Vroom Shares Slide On Q2 Revenue Miss

Vroom Inc (NASDAQ: VRM) reported a second-quarter FY22 sales decline of 37.6% year-on-year to $475.44 million, missing the consensus of $545.95 million.
Ecommerce revenue declined 44.5% Y/Y to $321.6 million, and Ecommerce Unit Sales fell 49.5% Y/Y to 9,233.
Revenue from Wholesale dropped 35.3% to $82.9 million, and Retail Financing revenue was $32.1 million.
The gross profit rose 5.1% Y/Y to $66.4 million with a 13.9% gross margin.
The operating loss widened to $(100) million. Adjusted EBITDA loss was $(85.6) million.
The company held $686.4 million in cash and equivalents as of June 30, 2022.
Adjusted loss per share of $(0.73) beat the analyst consensus of $(0.75).
Price Action: VRM shares are trading lower by 9.35% at $2.23 in premarket on the last check on Tuesday.