Rover Stock Can Be an Investor's Best Friend
It's not a surprise to see shares of Rover Group (NASDAQ: ROVR) howling again after another blowout report. The leading online platform that pairs up pet owners with dog walkers and pet sitters keeps cranking out "beat and raise" performances. It was more of the same after Monday's market close.
Revenue rose 30% to $66.2 million, comfortably ahead of the $61 million to $63 million that Rover was targeting for the quarter back in early August. Net income clocks in at $10.5 million or $0.05 a share, reversing a year-ago loss. Rover doesn't put out bottom-line guidance, but analysts were holding out for a profit of just $0.03 a share.
Shuttling through the results shows the scalability and pricing power that comes with Rover's niche dominance. There were 1.8 million total bookings on the platform in the three months ending in September, a 20% increase. The gross booking value of those reservations was $266.4 million, a 25% improvement. Then we go back to the 30% year-over-year gain on the top line.
Source Fool.com
