Cars.com (NYSE:CARS) has slid 35.8% after missing on Q2 earnings today, cutting full-year guidance and ending a strategic review after receiving no interest, saying it will stay an independent public company. The company launched a strategic look on Jan.
Additionally, “continued reductions in OEM advertising and delayed OEM certifications that facilitate sales to thousands of franchise dealers on a preferred basis” are continuing to have a negative impact on the company’s financial outlook.
Cars.com is projecting that its revenue will drop 6% to 9% in 2019.
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Cars.com -36% after ending strategic review, cutting outlook