Stock Track | Verra Mobility Plunges on Soft Outlook and Competitive Pressures

Stock Track11-01

Shares of Verra Mobility Corporation (VRRM) plummeted by 5.35% on Thursday, following the company's Q3 2024 earnings call, where it provided a softer outlook for 2025 and highlighted competitive pressures in some of its key markets.

During the earnings call, Verra Mobility's management acknowledged that travel demand decelerated in September and October due to hurricanes, impacting short-term revenue growth. Additionally, the company's T2 Parking business underperformed, with a 4% year-over-year decline in SaaS and services revenue.

Furthermore, the parking industry is transitioning away from hardware and related services, which historically represented about 45% of the T2 Parking segment's revenue. This transition is expected to impact the segment's short-term revenue growth.

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