Bird overstated shared electric scooter revenue for two years
by Andrew J. Hawkins from The Verge - All Posts on (#65T7F)
Photo by Ty O'Neil/SOPA Images/LightRocket via Getty Images Bird overstated the revenue it received from its shared electric scooters for at least two years, the company admitted in documents filed (PDF) with the US Securities and Exchange Commission Monday.
The phantom revenue was discovered after an audit of financial statements from 2020 and 2021 in which Bird found it was counting as revenue customers' preloaded wallet" balances following the completion of certain scooter trips. This revenue should not have been recorded," the company said.
As a result, Bird said that two years' worth of financial statements should no longer be relied upon" and that the company would be late in filing its third quarter earnings report, which was expected later today. A spokesperson for the company did...