E-Bike Company Bird Bets High Gas Prices Will Spur More Riders
- First-quarter revenue forecast falls short of estimates
- Warmer weather, waning covid could boost demand in spring
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Electric transportation company Bird Global Inc. gave a forecast for revenue in the first quarter that fell short of analysts’ estimates, but the company expects warmer weather and high gas prices to prompt commuters to look at electric options.
Bird, which sells and rents e-scooters and e-bikes, expects revenue of as much as $36 million in the first quarter, it said in a statement on Tuesday. Analysts had projected $48.8 million on average. Fourth-quarter revenue was better than expected, more than doubling to $54 million despite a surge of omicron cases in the winter. Analysts had estimated $50.8 million. The net loss widened to $39.6 million, roughly in line with analysts’ projected $39.7 million loss.