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May 13, 2021, 5:00 p.m. EDT

HyreCar stock rises more than 6% as Q1 sales rise

Shares of HyreCar Inc. (NAS:HYRE) rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. Sales rose 29% to $7.45 million, "showing the resilience of our platform and the growing demand for our services as the country opens up," Chief Executive Joe Furnari said in a statement. Analysts polled by FactSet expected HyreCar to report a GAAP loss of 13 cents a share on sales of $7.2 million. The stock ended the regular trading day down 6.7%.

Link to MarketWatch's Slice.