Just a day after delivering quarterly earnings that outperformed Wall Street expectations, South African billionaire Zak Calisto s Karooooo Limited saw its market cap slip below 1.5 billion. The Singapore-based mobility platform, which trades on the Nasdaq, experienced a 16 percent share decline on Wednesday as investors took profits following a brief rally the previous day.
Karooooo stock jumps, then retreats sharply
On Tuesday, the companys stock surged more than 7 percent after Karooooo reported robust second-quarter results for its 2026 fiscal year . Subscription revenue jumped 20 percent year over year to R1.18 billion 68 million, driven largely by the continued strength of its flagship Cartrack business and growing momentum in its delivery segment.