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The company expects that in the third quarter, it will have a net loss between 37 cents and 42 cents per share on revenue between $268 million and $290 million. Analysts expected that the online used-car company would project a loss of 36 cents per share and revenue of $344.6 million. "In response to the drop in demand and uncertainty around vehicle pricing early in the pandemic, we chose to de-risk the business by significantly reducing our inventory during the first half of the quarter," said Paul Hennessy, Vroom CEO, inIn the second half of the quarter, the company started to rebuild its inventory "as demand increased and pricing became more stable," Hennessy said, adding, "These lower inventory levels prevented us from fulfilling all of the...
That demand may be driven by people buying up used cars as they move out of cities and into the suburbs amid the coronavirus pandemic, Hennessy told He also said that Vroom's less-than-rosy third quarter forecast is due to falling average sales prices, which have taken a hit amid the pandemic as Americans become more hesitant to spend money.
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