CARG - CarGurus Stock Jumps by 13.6% After Strong Q1 Report
Shares of CarGurus (NASDAQ: CARG) , which operates a well-known online automotive marketplace, gained 13.6% in Friday trading after the company released better-than-expected first-quarter earnings and revenues.
The report's highlights include a 9% increase in total revenue to $171.4 million, which topped analysts' estimates for revenue of $158.9 million. Adjusted net income checked in at $39.1 million, or $0.33 per share, which also beat analysts' estimates of $0.22 per share. Those revenue gains were driven by 10% growth in the U.S. market. International revenue -- which accounts for only a small fraction of its total -- declined by 14%.
"I'm thrilled to share that CarGurus generated very strong results in the first quarter, both in our core business, and the CarOffer business," said CEO Jason Trevisan in a press release. "CarGurus has emerged from 2020 a stronger, more efficient company, with a strategy built for the future of car shopping, for both consumers and dealers."
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CarGurus Stock Jumps by 13.6% After Strong Q1 Report