KARO - Karooooo stock falls after reporting 2022 total subscribers at lower end of guidance

Karooooo (NASDAQ:KARO) stock fell 3% Tuesday after the firm, which owns fleet management platform Cartrack, reported ~1.5M total subscribers for 2022, up 16.8% Y/Y. The figure is at the lower end of KARO's earlier guidance of 1.5M-1.6M total subscribers for 2022. KARO reported ~220K net subscriber additions for 2022, up 22.6% Y/Y. The company noted that demand from small to large enterprises looking to digitally transform their businesses prevailed in 2022. However, operating headwinds due to the COVID-19 pandemic persisted throughout the year. KARO stock has fallen 12.5% YTD.

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Karooooo stock falls after reporting 2022 total subscribers at lower end of guidance