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Vroom (VRM), the used-car sales e-commerce company, has just reported its first earnings quarter and the results dramatically disappointed expectations. After going public in early June at $22 per share, Vroom was an instant winner in the markets, more than doubling on its first day of trading and continuing to rise ever since.
The fact that Vroom's closest competitor Carvana (CVNA) continued to ride up to all-time highs didn't hurt either. But now, after reporting Q2 results, Vroom has suffered its first sharp turn downward, with shares peeling ~20%.