Why Rover Stock Jumped on Wednesday
Shares of Rover Group (NASDAQ: ROVR) were up 16% as of 10:40 a.m. ET on Wednesday after the company posted strong revenue growth in the second quarter, while management raised its full-year revenue forecast.
The stock is starting to rebound from its steep fall last year amid the company's losses on the bottom line. Revenue remained strong in the second quarter, up 35% year over year.
The strong demand for the company's online pet care services is lifting margins higher. Adjusted EBITDA margin nearly doubled to 18%, compared to 10% in the year-ago quarter.
Source Fool.com
