Hertz shares are getting slammed after a bigger loss than Wall Street expected
Much like a customer that forgets to fill up their rental before drop-off, Hertz today finds itself with much less money than it expected to have.
Shares of the rental car giant are down more than 17% after it posted disappointing earnings after the bell Monday.
Hertz lost $443 million in its first quarter (its sixth consecutive quarterly loss), bringing its 12-month total loss to $3.1 billion.
Sales fell 13% to $1.81 billion, missing analyst expectations. Hertz also reported that it shrank its fleet by 8%.
Last month, Hertz stock spent a few days moving wildly in the opposite direction following news that Bill Ackman’s investment firm, Perishing Square, scooped up 12.71 million shares.
Hertz lost $443 million in its first quarter (its sixth consecutive quarterly loss), bringing its 12-month total loss to $3.1 billion.
Sales fell 13% to $1.81 billion, missing analyst expectations. Hertz also reported that it shrank its fleet by 8%.
Last month, Hertz stock spent a few days moving wildly in the opposite direction following news that Bill Ackman’s investment firm, Perishing Square, scooped up 12.71 million shares.
