HYRE - HyreCar stock higher after revising Q2 revenue guidance based on strong performance

• HyreCar ( NASDAQ: HYRE ) shares jumped 14% in premarket session as it issued revised guidance of expected net revenue between $10.4M and $10.6M (consensus of $10.9M) vs. prior outlook between $10.2M and $10.7M, based on the company’s strong performance in the second quarter.
• The guidance implies 10% of sequential growth and would yield the highest quarterly net revenue in the company’s history.
• The company expects to report improved gross margin in excess of both first quarter of 2022 and fourth quarter of 2021 results of 31% and 34% despite inflationary pressure on claims and repair costs as demand continued to increase compared to the prior quarter despite record high gas prices.
• Operating expenditures are expected to be in line with guidance provided during the first quarter earnings call with a view that the current level will be maintained as a sustainable base in anticipation of accelerated growth.
• Q2 results will be released in mid-August.
• Wall Street Analysts views the HYRE stock as Strong Buy in contrast to Strong Sell by SA quant rating system.
• Stock lost 96% over a period of one year.

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