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.
Shares of online auto marketplace CarGurus (NASDAQCARG) fell 19.4% in the afternoon session after the company had a rough Q4 2024, with revenue and next-quarter guidance falling short of expectations. Sales grew just 2% compared to the previous year, dragged down by a 55% decline in both Wholesale and Product revenue, while Marketplace revenue, the core business, expanded 15%. International sales were a bright spot, climbing 26%.
Despite sluggish revenue growth, gross profit climbed 18% as margins improved. Adjusted EBITDA also surged, outpacing revenue growth and lifting EPS above Wall Street's estimates. First-quarter EBITDA guidance also topped forecasts, pointing to stronger profitability ahead.
Still, first-quarter revenue projections signal ongoing softness, with Wholesale and Product segments likely remaining a drag. Investors will watch whether Marketplace momentum can offset these headwinds.
Overall, this was a softer quarter due to weaker top-line momentum.
Among key performance indicators, total paying dealers increased by 3%, and Quarterly Average Revenue per Subscribing Dealer (QARSD) gained 12% to $6,144.
Online auto marketplace CarGurus (NASDAQCARG) fell short of the market’s revenue expectations in Q4 CY2024 as sales rose 2.4% year on year to $228.5 million. Next quarter’s revenue guidance of $226 million underwhelmed, coming in 5.2% below analysts’ estimates. Its non-GAAP profit of $0.55 per share was 6.2% above analysts’ consensus estimates.
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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.
