TrueCar, the Santa Monica company that runs an online car buying platform, reported increased revenue although its net loss deepened.
TrueCar reported a $15 million loss for the quarter ended June 30. That compares with a $3.8 million loss one year prior.
When adjusted for stock-based compensation, warrant expenses and the costs of TrueCar’s IPO in mid-May, the company’s quarterly loss calculates to $1.6 million (-2 cents a share), compared to a loss of $855,000 one year prior.
TrueCar also reported Friday that its revenue increased 62 percent to $50.5 million. TrueCar users purchased nearly 150,000 vehicles from the company’s certified dealers.
Share prices of TrueCar’s stock on Friday fell $1.14, or 8 percent, to $13.52 on the Nasdaq.