CarGurus Inc plummets on below expectations FY revenue, profit forecast

CarGurus

08/11/2022 22:22

** Shares of online platform for buying, selling cars
CarGurus Inc  CARG.O  down ~22% at $10.79 in extended trading
    ** Co forecasts FY 2022 revenue, profit below analysts'
expectations
    ** CARG sees FY 2022 revenue in range between $1.64 bln and
$1.67 bln vs analysts' expectations of $1.87 bln - Refinitiv
    ** Co expects to earn FY adjusted profit of $1.02 to $1.05
per share vs estimates of $1.20 
    ** CARG also forecast Q4 revenue and profit below
expectations, while it missed analysts' estimates on Q3
    ** Up to Tuesday's close, stock had fallen ~59% this year
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))