2023-05-08 16:38:21 ET
Rover Group ( NASDAQ: ROVR ) fetched a higher bid in post-market action as a quarterly per share loss was just half of what analysts expected, aiding a hike to full-year guidance.
For the first quarter, the Seattle-based pet marketplace posted a $0.03 per share loss, $0.03 better than analysts had expected. Meanwhile, a 47.9% leap in revenue year over year outpaced expectations by $3.17M. Gross booking value ripped 36% higher to $209.4M while total bookings rose 27% to $1.5M as compared to Q1 2022.
“We had an excellent start to 2023 - delivering revenue growth of 48% while significantly expanding margins year over year," CEO Aaron Easterly said. “Our team’s strong execution across a broad range of functional areas while remaining focused on managing expenses has resulted in a significant flow through of incremental revenue to the bottom line. We drove meaningful booking volume on the platform while increasing expected customer lifetime value.”
In terms of bookings detail, the release added that new bookings increased 16% as compared to Q1 2022 to 208,000 while repeat bookings increased 29% to 1.3M over that same timeframe.
“We are excited by our first quarter performance and are raising our full year guidance incorporating this beat. With more than 80% of our revenue anticipated in the balance of the year, much of our performance is still in front of us,” CFO Charlie Wickers commented. “We expect that if a recession is milder or occurs later than we modeled, it may result in incremental upside to our new, increased guidance.”
The company now expects revenue to range from $207M to $217M and adjusted EBITDA in a range from $29M to $34M. The two metrics were hiked from forecasts of $205M to $215M in revenue and $25 to $30M in adjusted EBITDA projected in a February outlook. The consensus revenue expectation for the full year stands at $212.12M.
Shares of Rover ( ROVR ) rose 13.61% shortly after the earnings announcement .
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Rover stock runs higher on raised full-year forecasts