CarGurus: Q1 Earnings Snapshot

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — CarGurus Inc. (CARG) on Tuesday reported first-quarter net income of $16.1 million, after reporting a loss in the same period a year earlier.

The Cambridge, Massachusetts-based company said it had net income of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 26 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The online auto shopping platform posted revenue of $232 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $207.1 million.