RumbleOn, a marketplace for power sports, reported another successful quarter — even if growth slowed slightly from Q3.
The company posted $440.9 million in revenue for the fourth quarter — almost 47% growth compared with the same period last year. Net income reached about $20.7 million.
Shares increased on Wednesday from $29.52 at market open to $33.90 by the time the market closed.
During its third quarter, RumbleOn reported $221.2 million in revenue, up 88.1% from the previous year — and notched $37.4 in gross profit.
RumbleOn’s annual earnings saw $1.59 billion in total revenue and net income of $45.5 million. CEO Marshall Chesrown called it “a record year for RumbleOn.”
Since the beginning of 2021, the company has acquired RideNow, the world’s biggest powersports retailer, as well as Freedom Powersports. It opened a new fulfillment facility in Orlando, Florida, in October.
The Dallas-based company expects to earn between $1.9 billion and $2 billion in revenue in 2022, according to a shareholder letter.