Bird presented its first quarter 2022 earnings on Monday after the bell.
Revenue has decreased consistently since the company went public via a special purpose acquisition merger in November last year. As a result, Bird is looking at streamlining resources so it can achieve profitability this year. Bird’s initiatives involve focusing on its most profitable markets, potentially pulling out of less profitable markets and slowing the expansion of vehicle sales, like the e-bike the company launched last summer or the retail scooters launched in December.
Bird shares fell 7.4% Monday, but then took an abrupt turn in after-market trading, shooting up more than 36.5%.
Financials
Bird’s first quarter pulled in revenue of $38 million, which the company says is up 48% year-over-year. However, quarter-over-quarter, revenue is down from $54 million in the fourth quarter of 2021 and represents a continued decrease in revenue over the last three quarters – in Q3 2021, when Bird first began reporting earnings publicly, the company closed o …
