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Avis Budget Group (NASDAQ: CAR) took its shareholders for a pleasant ride on Tuesday. Following the release of the auto rental giant's first-quarter results, the stock traded as much as 10% higher before settling down to a nearly 2% gain on the day. That handily beat the 0.5% gain of the S&P 500 index.
For the quarter, Avis earned just over $2.4 billion in revenue, which was 77% higher than the corresponding period of 2021. It was also several miles past the average analyst estimate of $2.1 billion.