Shares of TrueCar Inc. (TRUE) - Get Report sank 22.8% to $7.91 in trading Friday after the automotive pricing and information company missed Wall Street's fourth-quarter earnings expectations and gave weak first-quarter and full year guidance.
The Santa Monica, Calif.-based company reported net income of $2.7 million, or 3 cents a share, down from $4.9 million, or 5 cents a share, a year ago, and missed analysts' expectations of 5 cents. Revenue totaled $91.07 million, compared with $83.13 million a year ago, and missed analysts' estimates by 5.29%.
TruCar said that average monthly unique visitors dropped 10% to 6.5 million in the fourth quarter, down from about 7.3 million a year ago. For full year 2018, average monthly unique visitors increased 2% to about 7.5 million, up from 7.4 million in 2017.
For the year, the company reported that its loss narrowed to $28.3 million, or 28 cents a share. Revenue was reported at $353.6 million.
"While we are cautious in our 2019 guidance, we remain confident in our ability to reaccelerate revenue growth, through continued innovation on our core experience, the addition of new OEM clients and the roll-out of new products, including trade and digital retailing," Chip Perry, president and CEO, said in a statement.
The company said it experts first-quarter revenue to range from $84 million to $86 million and full-year revenue is expected to range from $371 million to $378 million.