News Summary

• In adjusted terms, Gogoro recorded $12.9 million, which is up from $9.3 million in Q2 2022.Shared micromobility operator Bird recorded revenue of $48.3 million, down from the $66.8 million reported in Q2 2022.
• The company recorded a net loss of $9.3 million in Q2 2023, compared to $320.3 million in the same period of 2022.
• That said, ride profit also went down to $26.6 million, compared to $28.4 million last year.Bird has been trying to bring down costs, and it seems to be working.
• The company also raised its production guidance for the year from 50,000 to 52,000 vehicles and said it expects its adjusted earnings guidance for the year to improve to a loss of $4.2 billion.
• Not even a year after the struggling company fired its founder Travis VanderZanden and replaced him with Shane Torchiana, it appears the company is facing yet another executive shakeup.
• Bird has just –$1.8 million in free cash flow, and its total operating expenses in Q2 were $36.1 million.