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CarGurus: Q1 Earnings Snapshot

BOSTON (AP) — BOSTON (AP) — CarGurus Inc. (CARG) on Thursday reported first-quarter profit of $32.2 million.

The Boston-based company said it had net income of 34 cents per share. Earnings, adjusted for one-time gains and costs, came to 58 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The online auto shopping platform posted revenue of $243.6 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $243.5 million.

For the current quarter ending in June, CarGurus expects its per-share earnings to range from 57 cents to 64 cents.

The company said it expects revenue in the range of $247 million to $252 million for the fiscal second quarter.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CARG at https://www.zacks.com/ap/CARG

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