ID - PARTS iD plummets as site traffic declines amid supply chain disruptions

November, 10 2021 10:06 AM PARTS iD Inc. Class A

PARTS iD (ID -18.1%) falls after failing to report a profit and posting an 18% negative revenue surprise. Net revenue fell 16.7% Y/Y, while gross margin contracted 250 bps to 19.8%. Operating expenses as a percent of net revenue were 23.9% as compared to 17.4% in Q3 2020. "Site traffic has moderated from record levels during the height of the pandemic last year and supply chain disruptions impacted product availability and put added pressure on margins.” said CEO Nino Ciappina. "To accelerate market share gains and further penetrate newer verticals including Motorcycles and Powersports, Boating and Marine, and RV and Campers, we are strengthening our leadership teams, bolstering our vendor relationships, and investing in new marketing programs." Wall St. analysts were Very Bullish on the stock prior to the earnings announcement, while Seeking Alpha's Quant Rating warned investors to stay away based on poor momentum and profitability grades.

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PARTS iD plummets as site traffic declines amid supply chain disruptions

Company Name:	PARTS iD Inc. Class A
Stock Symbol:	ID
Market:	NYSE

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