Cars.com Soars 34% After Strong Earnings Beat
Shares of Cars.com (NYSE: CARS), a digital marketplace connecting buyers and sellers in the automotive industry, are soaring 34% after the company crushed first-quarter earnings estimates.
First-quarter revenue checked in at $148 million, down 4% compared to the prior year but in line with guidance and ahead of analysts' estimates of $144 million. Adjusted earnings per share reached $0.32, well ahead of analysts' estimates calling for $0.24 per share. But there were highlights beyond the top- and bottom-line beats. Average monthly unique visitors jumped 11% from the prior year to just under 25 million, and traffic (visits) was up 20% to just under 159 million. Dealer customers grew for the second consecutive quarter.
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Source Fool.com
