CarGurus' stock sinks 8% after online car marketplace spooks investors by delaying quarterly report

By Claudia Assis

The company says it will announce the future date at a later time

Shares of CarGurus Inc. dropped 7.7% in the extended session Thursday after the online car marketplace postponed its second-quarter earnings release and conference call with analysts, which had been scheduled for after the bell on Thursday.

"CarGurus (CARG) has not completed its customary quarterly closing and review procedures" for the quarter, the company said. The company said it will announce the future date at a later time, and gave no further details.

The company last updated investors in early May, reporting first-quarter results and a second-quarter forecast that topped Wall Street's estimates. The stock rallied 11% at the time.

CarGurus in May guided for second-quarter sales of $220 million to $240 million and adjusted earnings per share of 22 cents to 25 cents, above estimates for 18 cents.

The FactSet consensus calls for second-quarter adjusted earnings of 23 cents a share on sales of $230 million.

Shares of CarGurus ended the regular trading day down nearly 4%. The stock has gained 53% so far this year, compared with an advance of around 19% for the S&P 500 SPX.

-Claudia Assis

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08-03-23 2009ET

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