TrueCar tanks 10% on disappointing outlook
Shares of TrueCar Inc. tanked in Thursday's extended session after the online car-shopping site issued weak quarterly and full-year outlooks. TrueCar reported its fourth-quarter loss widened $27.4 million, or 33 cents a share, from a loss of $9.8 million, or 13 cents a share. On an adjusted basis, the company lost 6 cents a share. Revenue rose to $63.6 million from $55.5 million. Analysts surveyed by FactSet had forecast a loss of 4 cents a share and revenue of $65.3 million. TrueCar projected revenue in a range of $60 million to $62 million in the first quarter and $270 million to $275 million for the full year. It also expects to report earnings before interest, taxes, depreciation and amortization at break even. FactSet shows analysts' revenue estimate of $70.2 million in the first quarter and $309.7 million in 2016. TrueCar shares slumped 10% in after-hours trade.
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