: CarGurus stock tanks 6% after online car marketplace delays earnings report


Shares of CarGurus Inc. dropped 7.7% in the extended session Thursday after the online car marketplace postponed its second-quarter earnings release and conference call with analysts, which had been scheduled for after the bell on Thursday.

“CarGurus  CARG, -15.82% has not completed its customary quarterly closing and review procedures” for the quarter, the company said. The company said it will announce the future date at a later time, and gave no further details.

The company last updated investors in early May, reporting first-quarter results and a second-quarter forecast that topped Wall Street’s estimates. The stock rallied 11% at the time.

CarGurus in May guided for second-quarter sales of $220 million to $240 million and adjusted earnings per share of 22 cents to 25 cents, above estimates for 18 cents.

The FactSet consensus calls for second-quarter adjusted earnings of 23 cents a share on sales of $230 million.

Shares of CarGurus ended the regular trading day down nearly 4%. The stock has gained 53% so far this year, compared with an advance of around 19% for the S&P 500 SPX.

This article was originally published by Marketwatch.com. Read the original article here.

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