Zipcar shares fall after missing Wall Street estimate
Stock shares of Zipcar Inc. were down more than 13 percent in mid-day trading after the Cambridge-based car-sharing service reported fourth-quarter financial results.
Zipcar said fourth-quarter revenue rose 21 percent to $62.9 million, but that number missed the average analyst estimate of $63.4 million, Bloomberg News reported.
In a press release, Zipcar added that its fourth-quarter US GAAP net income was $3.9 million, or $0.09 per diluted share, compared with a loss of $1.1 million, or ($0.17) per share in the prior year period.
Zipcar shares were trading at $13.97 just before noon today, down $2.17, or 13.4 percent.
Zipcar has a car-sharing network with about 673,000 members and 8,900 vehicles in urban areas and college campuses throughout the United States, Canada, and the United Kingdom.
Chris Reidy can be reached at reidy@globe.com.
