Why Bird Global Stock Soared Today

Bird Global, Inc. BRDS shares traded higher Tuesday after the company announced its purchase of micromobility operator Skinny Labs for $19 million.

What To Know: Bird Global announced it has acquired Skinny Labs, Inc from Berlin-based TIER Mobility on Tuesday for $19 million, making Bird the largest micromobility operator in North America by market share. Bird will now serve roughly 350 markets globally with over 200,000 vehicles.

"Spin is a great financial and strategic acquisition for Bird and we expect this acquisition will enable us to achieve long term sustainable profitability. In addition to our overall market leadership in North America, the company now holds a leading market share position in key markets, more new vehicles, cutting-edge technology and a significantly stronger financial position," said Michael Washinushi, Bird Interim CEO.

"Bird and Spin have many strategic synergies, which we believe will have an immediate impact in the third quarter. We are thrilled to welcome the Spin team to the Bird family and excited to continue to execute on our shared vision of a more liveable, sustainable future. Due to the success we are having in improving Bird's financial performance we are able to make acquisitions like Spin today."

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BRDS Price Action: Shares of BRDS were down 5.59% at $1.35 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Dim Hou from Pixabay.