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CarGurus: 2Q Earnings Snapshot

CAMBRIDGE, Mass. (AP) _ CarGurus Inc. (CARG) on Tuesday reported second-quarter profit of $6 million.

On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of 5 cents. Earnings, adjusted for one-time gains and costs, were 10 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The online auto shopping platform posted revenue of $145 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $141.1 million.

For the current quarter ending in October, CarGurus expects its per-share earnings to range from 8 cents to 10 cents.

The company said it expects revenue in the range of $145.5 million to $148.5 million for the fiscal third quarter.

CarGurus expects full-year earnings in the range of 42 cents to 45 cents per share, with revenue ranging from $576.5 million to $582.5 million.

CarGurus shares have fallen 2.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $32.88, a fall of 26% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CARG at https://www.zacks.com/ap/CARG