Why Shares of TrueCar Are Crashing Today
Shares of online car-shopping service TrueCar (NASDAQ: TRUE) opened sharply lower on Friday after the company reported second-quarter results that fell short of its previous guidance and cut estimates for the full year.
As of 10:30 a.m. EDT, TrueCar's stock was trading at $3.15, down almost 35% from Thursday's closing price.
TrueCar reported its second-quarter earnings after the bell on Thursday, and they weren't good. On an adjusted basis, excluding employee stock-option expenses, TrueCar lost $0.02 per share on revenue of $88.1 million after some of its automaker partners cut back spending on incentives.
Source Fool.com
