Zipcar (ZIP) reports Q2 loss of $0.17 per share vs. loss of $0.14 consensus. Zipcar revenues rose 33.9% year/year to $61.6 mln vs the $59.4 mln consensus.
Zipcar issues upside guidance for Q3, sees Q3 revs of $67-69 mln vs. $66 mln consensus Estimate. Zipcar also issues upside guidance for FY11, sees FY11 revs of $240-244 mln vs. $235.mln consensus. Zipcar said,
“Our strong second quarter performance underscores the business momentum we have established based on solid execution and the benefits associated with our first mover advantage… Our commitment to a superior member experience and continued innovation such as the launch of our new Android app during the quarter has helped to stimulate increased activity across the network. Once we complete the integration of Streetcar, which remains on track, we intend to build on our U.K. presence by expanding into new markets in continental Europe.”
Earnings report for Zipcar is good, but does not deserve over $3 pop in the after hours. The pop in Zipcar shares is attributable to pump on CNBC that prompted short coverong in this heavily shorted stock.
Updates will be available on Zipcar in real-time on the Real Time Feed of the ZYX Buy Change Alert or ZYX Short Sell Change Alert , as appropriate, if and when all six screens of the ZYX Change Method are met
