All articles tagged with #avis budget group
Avis Budget Group is moving Zipcar’s headquarters from Boston to Parsippany, NJ and laying off 126 employees (about 65 in the Boston area). The company says Zipcar’s brand, product, members and service will continue, and regional Boston operations will remain even as the headquarters shifts in the first half of April.
Avis Budget Group, Inc. held its Q4 2023 earnings call, discussing forward-looking information and non-GAAP financial measures. The company welcomed Izzy Martins as the new Chief Financial Officer and highlighted the move to a new world headquarters in New Jersey. They reported approximately $2.8 billion of revenue and $311 million of adjusted EBITDA for the quarter.
Avis Budget Group's fourth-quarter revenue missed estimates, causing its stock to initially plummet but later recover; Arista Networks' stock slid after posting a strong quarter, beating on top and bottom lines but falling short of high expectations; ZoomInfo Technologies' shares surged 22% on better-than-expected results and the announcement of a new AI-powered feature, following a year of struggles and a 13% decline.
Several stocks are experiencing significant movement after hours, including JetBlue Airways, Avis Budget Group, and Arista Networks.
Avis Budget Group reported better-than-expected Q2 earnings, with revenue down 4% compared to last year. The Americas segment saw a 5% drop in revenue, while the international segment saw a 3% increase. Net income was $436M, down from $774M a year ago, and adjusted EBITDA was down 39% to $737M. Despite the decline in profitability, Avis Budget Group had a positive balance sheet with a liquidity position of approximately $1.1B and no significant debt maturities until mid-2025. Shares of Avis Budget Group rose 2.37% in after-hours trading.