VRM - Vroom skyrockets off all-time low with new realignment plan unveiled

Vroom (NASDAQ:VRM) soared in early trading on Tuesday after topping estimates with its Q1 earnings report and announcing a business realignment plan. E-commerce revenue was up 60% year-over-year to $675.4M during the quarter. E-commerce units sold increased 25.6% to 19,473, which was attributed to higher inventory levels and strong national brand recognition. Strong market demand for used vehicles was also a factor, caused in part by the shortage of microchips and delays in new car manufacturing. E-commerce average days to sale increased to 91 from 83. Vehicle gross profit per e-commerce unit fell to $595 from $1,151. Looking ahead, key aspects of Vroom's (VRM) new realignment plan include reducing targeted unit sales to focus on sustainable sales margins and gross profit per unit growth, right-sizing the organization through a workforce reduction, further regionalizing the business and operations, reducing marketing expense by focusing on highest-ROI channels while aligning with volume trajectory

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Vroom skyrockets off all-time low with new realignment plan unveiled