CarGurus (CARG) To Report Earnings Tomorrow: Here Is What To Expect
Stock Story
Published Nov 06, 2023 02:03AM ET
Updated Nov 06, 2023 06:32AM ET
CarGurus (CARG) To Report Earnings Tomorrow: Here Is What To Expect
Online auto marketplace CarGurus (NASDAQ:CARG) will be reporting earnings tomorrow afternoon. Here's what you need to know.
Last quarter CarGurus reported revenues of $239.7 million, down 53.1% year on year, beating analyst revenue expectations by 4.1%. It was a weak quarter for the company, with slow revenue growth and underwhelming revenue guidance for the next quarter. The company reported 31,097 users, down 0.1% year on year.
Is CarGurus buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting CarGurus's revenue to decline 49.4% year on year to $216 million, a deceleration on the 91.3% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.26 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 5.1%.
Looking at CarGurus's peers in the online marketplace segment, some of them have already reported Q3 earnings results, giving us a hint what we can expect. Teladoc (NYSE:TDOC) delivered top-line growth of 8% year on year, missing analyst estimates by 0.4% and Airbnb reported revenues up 17.8% year on year, exceeding estimates by 0.8%. Teladoc traded down 4.3% on the results, Airbnb was down 3.4%.
Read the full analysis of Teladoc's and Airbnb's results on StockStory.
There has been positive sentiment among investors in the online marketplace segment, with the stocks up on average 2.4% over the last month. CarGurus is up 7% during the same time, and is heading into the earnings with analyst price target of $22.9, compared to share price of $18.67.
The author has no position in any of the stocks mentioned.
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Written By: Stock Story
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