CarGurus stock soars on company's Q3 earnings beat
Shares of CarGurus Inc. rallied nearly 16% in the extended session Wednesday after the company, which operates an online marketplace for new and used cars, reported third-quarter earnings above Wall Street expectations. CarGurus said it earned $12.1 million, or 11 cents a share, in the quarter, compared with $2.4 million, or 2 cents a share, in the third quarter of 2017. Adjusted for one-time items, the company earned $9.5 million, or 8 cents a share, compared with $2.2 million, or 2 cents a share, a year ago. Revenue rose 43% to $119 million, compared with $83 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 5 cents a share on sales of $113 million. CarGurus ended the regular trading session down 5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.