Getaround, Inc. (GETR) Reports Q2 Loss, Misses Revenue Estimates

Core Insights - Getaround, Inc. reported a quarterly loss of $0.12 per share, better than the Zacks Consensus Estimate of a loss of $0.18, and an improvement from a loss of $0.33 per share a year ago, resulting in an earnings surprise of 33.33% [1] - The company posted revenues of $18.58 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.80%, and showing a slight decline from $18.62 million in the same quarter last year [2] - Getaround's shares have decreased approximately 69.7% since the beginning of the year, contrasting with a 12% gain in the S&P 500 [3] Earnings Outlook - The future performance of Getaround's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is -$0.18 on revenues of $20.56 million, and for the current fiscal year, it is -$0.76 on revenues of $80 million [7] Industry Context - The Technology Services industry, to which Getaround belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Sprinklr, is expected to report quarterly earnings of $0.07 per share, reflecting a year-over-year decline of 30%, with revenues projected to be $194.58 million, up 9% from the previous year [9]