{"id":526234,"date":"2021-08-10T16:10:31","date_gmt":"2021-08-10T20:10:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\/"},"modified":"2021-08-10T16:10:31","modified_gmt":"2021-08-10T20:10:31","slug":"shift-grows-revenue-377-in-q22021-raises-guidance-for-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\/","title":{"rendered":"Shift Grows Revenue 377% in Q2&#8217;2021, Raises Guidance for 2021"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li style=\"text-align:justify\">Achieved record revenue and units sold levels in the second quarter; year-over-year growth of 377% and 240%, respectively<\/li>\n<li>Total Gross Profit of $16.3 million, an increase of 357% year-over-year<\/li>\n<li>Projecting 171% year-over-year Q3&#8217;2021 revenue growth, at the midpoint of management guidance range<\/li>\n<li>Management raises full-year revenue guidance to $575 million &#8211; $595 million, 3x year-over-year growth at the midpoint of the range<\/li>\n<\/ul>\n<p>SAN FRANCISCO, Aug.  10, 2021  (GLOBE NEWSWIRE) &#8212; Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported second quarter financial results for the period ended June\u00a030, 2021. Management\u2019s commentary on second quarter financial results and third quarter and full year 2021 outlook can be found by accessing the Company\u2019s shareholder letter on <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Qy-KkIxhwCUCeZU7FFygZphA_fsPNP35JgA9KW7GXDMcnlDJQpYgeX4bsvOLIM35zvpe1450YCjC1ORKFbj8orDb2BfZ4T6V_40pac2fVcY=\" rel=\"nofollow noopener\" target=\"_blank\">investors.shift.com<\/a>, or by listening to today\u2019s conference call. A live audio webcast will also be available on Shift\u2019s Investor Relations website.<\/p>\n<p>\u201cIn the second quarter we again delivered industry-leading revenue growth of nearly 5x year-over-year, including strong sequential growth quarter over quarter. Additionally, our business model and operations were well positioned to capitalize on the favorable profitability that the unique used car market conditions offered,\u201d said Co-CEO and Co-Founder Toby Russell.<\/p>\n<p>\u201cToby and I are so grateful for the exceptional team we have that has continued to outperform and deliver results beyond what we\u2019ve thought was possible,\u201d added Co-CEO and Co-Founder George Arison. \u201cThe momentum we are seeing in our business has again motivated us to raise our revenue and unit guidance for the year and we look forward to more record-breaking results in the quarters ahead.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Conference Call Information<\/strong>\n      <\/p>\n<p>Shift senior management will host a conference call today to discuss the Company\u2019s Q2&#8217;2021 financial results and third quarter outlook. This call is scheduled to begin at 2:00 pm PT \/ 5:00 pm ET and can be accessed by dialing (833) 614-1395 or (914) 987-7116. To listen to a live audio webcast, please visit Shift\u2019s Investor Relations website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Qy-KkIxhwCUCeZU7FFygZp-htZXAC35MpIZKRc9vLWtcMsT_JWeVeqEdAmgjlMf369gT-3rqHLs-k2jgyMqadyqJ10p_zTuZNlGX2jyQl94=\" rel=\"nofollow noopener\" target=\"_blank\">investors.shift.com<\/a>. A telephonic replay will be available through August 17, 2021 by dialing (855) 859-2056 or (404) 537-3406 and entering passcode 8185627#.<\/p>\n<p>\n        <strong>About Shift<\/strong>\n      <\/p>\n<p>Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. Shift\u2019s mission is to make car purchase and ownership simple \u2014 to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, having a test drive brought to you before buying the car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in\/sale transaction, and a vision to provide high-value support services during car ownership. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pivva23fsbNiXhrMYmOqZ2MQkr9XUdrUutLzqF3389sYMFLpB_5tiz1A_huahL1EKfy4oV4BXhiK1FBNJnG1vw==\" rel=\"nofollow noopener\" target=\"_blank\">www.shift.com<\/a>. The contents of our website are not incorporated into this press release.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p>This document includes \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as \u201cforecast,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201coutlook,\u201d and \u201cproject\u201d and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of Shift\u2019s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) Shift\u2019s ability to sustain its current rate of growth, which may be affected by, among other things, competition, Shift\u2019s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (2) changes in applicable laws or regulations; (3) the possibility that Shift may be adversely affected by other economic, business, and\/or competitive factors; (4) the operational and financial outlook of Shift; (5) the ability for Shift to execute its growth strategy; (6) Shift\u2019s ability to purchase sufficient quantities of vehicles at attractive prices; and (7) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the SEC by Shift. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Shift undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.<\/p>\n<p>\n        <strong>Investor Relations Contact:<\/strong>\n      <\/p>\n<p>Drew Haroldson, The Blueshirt Group <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kJhc-uZ72kd4Dj3tcCOAlPoTmZwzYOFDNpmooGseVwUm9HouPqa48aVNOCF_eO1w70GDDdEn_DwXIThfmBZ5tQ==\" rel=\"nofollow noopener\" target=\"_blank\">IR@shift.com<\/a><\/p>\n<p>\n        <strong>Media Contact:<\/strong>\n      <\/p>\n<p>Henry Bird<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=b_SKp4S3EYcjL96lHV4BQL5KSGOrHGVWx8XZL_lS66iCuaDGacl1ziS6lcAoaMBEvF84IXpj8c0sMDvvtlgzAQ==\" rel=\"nofollow noopener\" target=\"_blank\">press@shift.com<\/a><\/p>\n<p>Source: Shift Technologies, Inc.\u00a0<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjYwNyM0MzUxNTAyIzIyMDA5ODg=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/OTkwOTM5NWItNGM3NC00YThiLWE0ZTYtNjYxMmY0OTg4ZmZjLTEyMTI1NDE=\/tiny\/Shift-Technologies-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Achieved record revenue and units sold levels in the second quarter; year-over-year growth of 377% and 240%, respectively Total Gross Profit of $16.3 million, an increase of 357% year-over-year Projecting 171% year-over-year Q3&#8217;2021 revenue growth, at the midpoint of management guidance range Management raises full-year revenue guidance to $575 million &#8211; $595 million, 3x year-over-year growth at the midpoint of the range SAN FRANCISCO, Aug. 10, 2021 (GLOBE NEWSWIRE) &#8212; Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported second quarter financial results for the period ended June\u00a030, 2021. Management\u2019s commentary on second quarter financial results and third quarter and full year 2021 outlook can be found by accessing the Company\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Shift Grows Revenue 377% in Q2&#8217;2021, Raises Guidance for 2021&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-526234","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shift Grows Revenue 377% in Q2&#039;2021, Raises Guidance for 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shift Grows Revenue 377% in Q2&#039;2021, Raises Guidance for 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Achieved record revenue and units sold levels in the second quarter; year-over-year growth of 377% and 240%, respectively Total Gross Profit of $16.3 million, an increase of 357% year-over-year Projecting 171% year-over-year Q3&#8217;2021 revenue growth, at the midpoint of management guidance range Management raises full-year revenue guidance to $575 million &#8211; $595 million, 3x year-over-year growth at the midpoint of the range SAN FRANCISCO, Aug. 10, 2021 (GLOBE NEWSWIRE) &#8212; Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported second quarter financial results for the period ended June\u00a030, 2021. Management\u2019s commentary on second quarter financial results and third quarter and full year 2021 outlook can be found by accessing the Company\u2019s &hellip; Continue reading &quot;Shift Grows Revenue 377% in Q2&#8217;2021, Raises Guidance for 2021&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-10T20:10:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNjYwNyM0MzUxNTAyIzIyMDA5ODg=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Shift Grows Revenue 377% in Q2&#8217;2021, Raises Guidance for 2021\",\"datePublished\":\"2021-08-10T20:10:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/\"},\"wordCount\":786,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwNjYwNyM0MzUxNTAyIzIyMDA5ODg=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shift-grows-revenue-377-in-q22021-raises-guidance-for-2021\\\/\",\"name\":\"Shift Grows Revenue 377% in Q2'2021, Raises Guidance for 2021 - 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(Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported second quarter financial results for the period ended June\u00a030, 2021. 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