RTTNews | Nov 12, 2020 10:34AM EST

10:34 Thursday, November 12, 2020 (RTTNews.com) - Shares of Vroom Inc. (VRM), an e-commerce platform for buying and selling used vehicles, are losing more than 8 percent or $3.40 in Thursday's morning trade at $37.40 after touching a new 52-week low of $35.50 on its weak fourth-quarter outlook.

Vroom reported that its third-quarter net loss narrowed to $37.9 million or $0.31 per share from $105.45 million or $12.24 per share in the prior-year quarter. Adjusted loss was $0.29 per share, compared to adjusted loss of $0.31 per share last year. However, total revenue decreased to $323.0 million from $340.2 million in the year-ago period.

For the fourth quarter, the company expects a wider loss compared to the third quarter, in a range of $0.41 to $0.35 per share, and total revenue of $372 million to $414 million. Analysts polled by Thomson Reuters expect loss of $0.36 per share for the quarter on revenues of $402.43 million.

Vroom has traded in a range of $35.50 to $75.49 in the past 52 weeks.

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