The company saw its net loss shrink to $6.4 million, or $0.06 per share, from $8.5 million, or $0.08 per share, a year earlier. On an adjusted basis, TrueCar earned $0.03 per share on sales of $91.1 million.
The results didn't sit well with investors, who sent TrueCar shares down 19.5% to $8.24 before the opening bell on Friday.
In a statement, Perry said he was optimistic that the company’s sales will get a boost this year.
“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 … clients and the roll-out of new products, including trade and digital retailing,” said Perry.
The results fell short of analysts’ estimates, which called for TrueCar to earn $0.05 per share on sales of $95.67 million.
The site’s average monthly users dropped 10% during the quarter to 6.5 million, down from about 7.3 million in the year-ago quarter.
Looking ahead, TrueCar is now forecasting first-quarter revenue of $84 million to $86 million, which fell short of the Walll Street estimate. For the full year, TrueCar expects revenue to be in the range of $371 million to $378 million.
The quarterly results came as TrueCar acquired a 20% stake in Accu-Trade, which provides vehicle appraisal technology.
Based in Santa Monica, California, TrueCar is an online automotive marketplace that offers pricing for used and new cars.
Contact Ellen Kelleher at [email protected]