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 (HTZ) and Avis (CAR), but has been facing increased competition from new pper to peer car sharing services such as RelayRides and GetAround.
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