Cargurus Inc is an online automotive marketplace that connects buyers and sellers of vehicles, facilitating the car shopping and selling process
The company provides a platform where users can browse a large inventory of new and used cars, compare listings from various dealerships and private sellers, access vehicle history reports, and read reviews. By utilizing advanced algorithms and extensive data, Cargurus helps consumers find fair market prices for vehicles, while also offering tools and resources for dealers to reach a broader audience. The platform enhances transparency in the automotive market, making car buying and selling a more efficient experience for all parties involved.
When it comes to used cars in the United States, CarMax Inc. (NYSEKMX) stands out as the largest used car dealership. The auto/tires/trucks sector giant opera
CarGurus’s 38.7% return over the past six months has outpaced the S&P 500 by 29.4%, and its stock price has climbed to $35.01 per share. This was partly due to its solid quarterly results, and the performance may have investors wondering how to approach the situation.
Looking back on online marketplace stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including CarGurus (NASDAQCARG) and its peers.
Shares of online auto marketplace CarGurus (NASDAQCARG) jumped 15.2% in the morning session after the company reported impressive third-quarter earnings that blew past analysts' revenue and EBITDA expectations. The improvement in sales was driven by a 15% year-on-year growth in marketplace revenue, showcasing the company's successful focus on customer engagement and dealer retention.
Online auto marketplace CarGurus (NASDAQCARG) reported Q3 CY2024 results exceeding the market’s revenue expectations, with sales up 5.4% year on year to $231.4 million. Guidance for next quarter’s revenue was better than expected at $229 million at the midpoint, 1.5% above analysts’ estimates. Its GAAP profit of $0.21 per share was 26% below analysts’ consensus estimates.
After a blistering Thursday that saw the S&P 500 close with its best session in nearly two years — up 2.3% — Wall Street’s price action turned sluggish on a Friday lacking market-moving economic events.
U.S. stocks are set for a mixed start on Thursday as concerns regarding the economy and incremental yen carry trade unwinding remain an undercurrent. Traders may be keen to receive the jobless claims report, given the recent sell-off kickstarted last Thursday, partly due to a spike in the data.
Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the red the previous day.
