Why Rubicon Technolgies Stock Gained Today
Shares of Rubicon Technologies (NYSE: RBT) rose 6% Monday after it delivered its first earnings report as a publicly traded company, posting solid revenue growth for the second quarter.
Rubicon, which went public on Aug. 16 via a SPAC merger, provides a digital marketplace for waste and recycling, serving a wide range of businesses and governments. Its leaders have asserted that the company is doing for trash pickup what Uber did for transportation and Airbnb did for lodging.
On Monday morning, it reported that its Q2 revenue increased by about 20% year over year to $165 million, driven by growth with existing and new customers. Its gross profit was minimal at $5.5 million, indicating that nearly all of its revenue went to pay the third-party haulers it needs to run the business. Rubicon reported a gross profit adjusted for platform costs, depreciation, and amortization of $12.7 million.
Source Fool.com
