Why TrueCar's Shares Are Surging Today
Shares of online car-buying service TrueCar (NASDAQ: TRUE) were up sharply on Friday morning, after the company reported better-than-expected earnings and raised its guidance for the full year.
As of 11 a.m. EST, TrueCar's shares were up about 34% from Thursday's closing price.
At first glance, TrueCar's third-quarter earnings report doesn't look great. The company lost $7.7 million in the quarter, versus a $6.3 million loss in the third quarter of last year. But its revenue and its adjusted earnings before interest, tax, depreciation, and amortization (adjusted EBITDA) exceeded the high ends of the respective guidance ranges TrueCar had provided in August, suggesting that interim CEO Mike Darrow's efforts to turn the company around are starting to take hold.
Source Fool.com
