Late last week, car rental marketplace Turo dropped an updated S-1 filing featuring its first-quarter results. TechCrunch+ previously covered the company’s full-year 2022 results, noting at the time that Turo was growing quickly while staying profitable, and was posting revenue totals that, when compared with its last known private valuation, were attractive indeed.
“What’s not to like?” we asked back in March.
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But this new slew of data complicates that previously rosy picture a little.
Today, instead of comparing Turo’s pace of revenue growth in Q1 2023 to the same period a year earlier, we’re going to compare that with Turo’s revenue growth rate throughout 2022. We’re doing this primarily because the company was enduring COVID-related headwinds in early 2021, which means it would be a bit unfair to compare Q1 2023 growth rates to those set in Q1 2022. The post-COVID tailwinds it enjoyed last year have somewhat tapered off now, so the growth that the company is seeing today could be argued to be more “organic” than what it saw a year ago.
In the first quarter, Turo’s revenue rose at a slower rate than it had in full-year 2022, and the comp …
