Cars.Com Inc. Provides Earnings Guidance for the Third Quarter and Full Year 2023
August 03, 2023 at 07:46 am
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Cars.com Inc. provided earnings guidance for the third quarter and full year 2023. For the quarter, the company expects revenue to be between $172.0 million and $174.0 million. year-over-year revenue growth of 4.5% to 5.7%.
For the full year, the company reaffirmed revenue guidance, of 4% to 6% year-over-year growth, raising the midpoint of revenue guidance, which reflects the benefit of the Company?s Marketplace Repackaging initiative and assumes a conservative outlook on OEM and National Revenue despite recent improvements in inventory levels.
Cars.com Inc., doing business as Cars Commerce Inc., is an audience-driven technology company. It is engaged in car buying and selling with products, solutions and artificial intelligence (AI)-driven technologies that span pretail, retail and post-sale activities. The Cars Commerce platform is organized around four brands: the flagship automotive marketplace and dealer reputation site Cars.com, digital retail technology and marketing services from Dealer Inspire, essential trade-in and appraisal technology from AccuTrade, and media solutions from the Cars Commerce Media Network. It enables shoppers with the data, resources and digital tools needed to make informed buying decisions and connect with automotive retailers. Cars.com enables dealerships and original equipment manufacturers with solutions and data-driven intelligence. Its products and solutions have attracted approximately 19,500 franchise and independent dealer customers across the United States and Canada to its platform.