Cars.com Inc. has reported a dip in profit for the first quarter compared to the previous year, but surprisingly surpassed analysts' estimates.
The firm posted a net profit of $0.78 million, equivalent to $0.01 per share, a drop from the $11.48 million, or $0.17 per share, reported in the same quarter of the previous year.
When setting aside certain items, Cars.com Inc. declared adjusted earnings of $28.66 million or $0.43 per share for the given period.
On average, analysts had forecasted the firm to report earnings of $0.09 per share, as per data gathered by Thomson Reuters. Typically, these estimates do not include exceptional items.
The company's quarterly revenue increased by 7.8%, rising to $180.18 million, up from $167.07 million recorded in the same period last year.
To summarise, Cars.com Inc.'s earnings were as follows: The Q1 earnings stood at $0.78 million, a sharp decline from $11.48 million reported last year. The EPS for Q1 was $0.01, compared to $0.17 last year. The company reported a Q1 revenue of $180.18 million, a rise from $167.07 million recorded the previous year.
