Compared to Estimates, CarGurus (CARG) Q2 Earnings: A Look at Key Metrics

Core Viewpoint - CarGurus reported a revenue decline of 8.8% year-over-year for Q2 2024, but exceeded revenue and EPS estimates, indicating some resilience in performance despite overall revenue drop [1]. Financial Performance - Revenue for the quarter ended June 2024 was $218.69 million, down from the previous year [1]. - EPS for the quarter was $0.41, an increase from $0.29 in the same quarter last year [1]. - The reported revenue was a surprise of +1.79% over the Zacks Consensus Estimate of $214.85 million [1]. - The EPS surprise was +20.59% compared to the consensus estimate of $0.34 [1]. Key Metrics - Total Paying Dealers: 31,352, exceeding the average estimate of 31,141 [3]. - Paying Dealers in the U.S.: 24,446, slightly below the average estimate of 24,502 [4]. - Paying Dealers Internationally: 6,906, surpassing the average estimate of 6,778 [5]. - Marketplace Revenue: $195.17 million, above the average estimate of $191.46 million, representing a year-over-year increase of +14.2% [6]. - Wholesale Revenue: $13.12 million, below the average estimate of $13.60 million, showing a significant year-over-year decline of -58.9% [7]. - Product Revenue: $10.41 million, exceeding the estimate of $9.98 million, but reflecting a substantial year-over-year decrease of -71.8% [8]. Stock Performance - CarGurus shares have returned -11.3% over the past month, compared to the Zacks S&P 500 composite's -6.5% change [8]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [8].