CarGurus beats Q1 expectations, but stock falls

Shares of CarGurus Inc. dropped 12% in the extended session Monday after the online car marketplace reported first-quarter earnings and sales that beat Wall Street expectations, but called for lower-than-expected adjusted per-share earnings for its second quarter. CarGurus said it lost $62.1 million, or 53 cents a share, in the first quarter, compared with a loss of $22.4 million, or 19 cents a share, in the year-ago period. Adjusted for one-time items, CarGurus earned 36 cents a share. Revenue rose 151% to $431 million, the company said. Analysts polled by FactSet expected the company to report adjusted earnings of 35 cents a share on sales of $403 million. For the second quarter, the company guided for revenue between $480 million and $510 million, and adjusted EPS between 26 cents and 29 cents. The FactSet analysts expect adjusted EPS of 39 cents on sales of $452 million. CarGurus ended the regular trading day down 6%.

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