Turo’s quarterly revenue rose 30%, but losses widened, car-sharing company says in IPO filing tweak

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Car-sharing company Turo late Friday updated its initial public offering filing, saying that revenue rose 30% to $186 million in first quarter, from $143 million in the year-ago period. That also compares with $747 million in revenue for all of 2022. Losses widened, however, to $24.3 million, or 76 cents a share, in the quarter, from $7 million, or 23 cents a share, a year ago. Turo, which publicly filed for its IPO in January 2022, said that as of March 31 it had more than 165,000 active “hosts,” or people and small businesses using the platform to rent their vehicles. “Many of our small business and professional hosts started their journey with us as consumer hosts and scaled their businesses as they saw success on our platform,” the company said. More than 3 million “guests,” or those who rented the cars, booked more than 19.1 million days on Turo’s platform in all of last year, the company said.

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