Cars.com stock rises after online automobile marketplace swings to Q3 profit
Cars.com Inc. (CARS) stock rose 2.3% in premarket trades Thursday after the online automobile marketplace swung to a third-quarter profit. The company reported third-quarter net income of $4.5 million, or 7 cents a share, after a net loss of $2.9 million, or 4 cents a share, in the prior year's quarter. Revenue grew 6% year-over-year to $174.3 million. Analysts surveyed by FactSet expected Cars.com to earn 35 cents a share on revenue of $172.8 million. Cars.com expects fourth-quarter revenue of $177 million to $179 million, compared to the analyst estimate of $177.3 million. Cars.com's stock is up 9.3% in 2023, compared with the S&P 500 index's gain of 10.4%.
-James Rogers
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11-02-23 0810ET
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