CARS - Why Cars.com Stock Dropped on Thursday
2023-05-04 14:38:28 ET
Shares of Cars.com (NYSE: CARS) are falling today, down by 15% as of 1:45 p.m. ET. That drop has only erased a small portion of shareholders' recent gains, though. The stock is up 20% so far in 2023 compared to a 6% increase in the wider market.
The slump came after some investors found reasons to be disappointed with the automotive retailing platform provider's Q1 earnings update.
Cars.com achieved a 6% sales increase for the selling period that ended in late March, putting revenue exactly within management's short-term forecast from February. The boost reflected solid traffic growth along with rising average spending levels.
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Why Cars.com Stock Dropped on Thursday