CarGurus, TrueCar report sagging Q3 sales

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Online car marketplace CarGurus Inc. and auto pricing website TrueCar, Inc. reported quarterly results on Thursday, with shares of TrueCar falling nearly 9% after the company missed third-quarter sales expectations and shares of CarGurus up 4% after a third-quarter beat. TrueCar said it earned $11.6 million, or 11 cents a share, in the quarter, versus a loss of 7 cents a share in the year-ago. Adjusted for one-time items, TrueCar earned 14 cents a share. TrueCar sales fell 10% to $77.2 million. Analysts polled by FactSet expected TrueCar to earn an adjusted 8 cents a share on sales of $78.7 million. CarGurus said it earned $32.6 million, or 29 cents a share, compared with 9 cents a share in the year-ago period. Adjusted for one-item items, CarGurus earned 37 cents a share, compared with 14 cents a share a year ago. Sales at CarGurus fell 2% to $148 million. Analysts polled by FactSet had expected CarGurus to report adjusted EPS of 22 cents a share on sales of $136 million.
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