Cars.Com Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year 2023
November 02, 2023 at 07:45 am EDT
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Cars.com Inc. provided earnings guidance for the fourth quarter and full year 2023. For the quarter, the company expects revenue is expected to be between $177 million and $179 million, reflecting continued year-over-year revenue growth of 5.2% to 6.4%.
For the full year, the Company?s fourth quarter guidance coupled with performance to date, places the Company within its previously shared revenue guidance range. Full year performance reflects the benefit of this year?s 2023 Marketplace Repackaging Initiative, growth in its portfolio of dealer products, and modest improvement in OEM Revenue offset by a challenging environment for auto adjacent advertisers, including insurance companies.
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.
CARS.COM INC. 
