Zipcar (ZIP) today reported fourth quarter revenue of $62.9 million, slightly below expectations of $63.1 million. The company posted a profit of 9 cents per share, beating expectations of break even for the quarter. Adjusted EBITDA came in at $5.9 million, beating estimate of $4.6 million. FOr the first quarter, the company expects revenue of $58 million to $60.9 million. For the first quarter, the company expects revenue of $58 million to $60 million, adjusted EBITDA of $500,000 to to a loss of $1.5 million, and a net loss of $4 million to $4.5 million.
Shares are lower by nearly 15 percent.
The company has been successfully competing with traditional car rental companies such as Hertz (NYSE:HTZ) and Avis (NASDAQ:CAR), but has been facing increased competition from new pper to peer car sharing services such as RelayRides and GetAround.
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