Shares Of TrueCar Fall 28% After Profit Warning For Second-quarter And Full Year

Shares of car buying and selling platform TrueCar Inc. fell 28% after hours Thursday after the company issued a profit warning for the second-quarter and full year. The company said it expects to post a net loss of $15 million to $15.5 million for the second quarter, and revenue of $65 million to $65.3 million. Analysts surveyed by FactSet were expecting second-quarter sales of $68.5 million. The company reduced its full year revenue outlook to a range of $252 million to $258 million. The lowered guidance was partially due to the fact that it sold fewer cars than expected, the company said. "While we set new records for units, revenue and dealer count within the quarter, we experienced execution challenges in meeting our growth expectations," said TrueCar CEO Scott Painter.