TrueCar Inc. on Thursday reported a 3-cent-a-share loss for the third quarter, beating analysts’ consensus estimate of a 5-cent loss.
The Santa Monica company had revenue of $72.4 million for the quarter, better than analysts’ expectations of $66.2 million. The company’s revenue was up 28 percent from the same quarter last year. The company’s stock declined sharply on Thursday.
Mike Guthrie, TrueCar’s chief financial officer, said that he was pleased with the company’s third-quarter performance.
“I am particularly excited with the performance of our affinity partner channels this past quarter, where we had healthy growth rates across all of our key metrics,” Guthrie said in a statement.
Guthrie also said that Sam’s Club, which launched an auto-buying program powered by TrueCar in September, would likely drive growth in the fourth quarter and 2016.
The company’s stock declined 50 cents, more than 7 percent, to $6.13.
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