TrueCar (TRUE) Misses Q2 EPS by 10c; Founder/CEO to Step Down

TrueCar (NASDAQ: TRUE) reported Q2 EPS of ($0.05), $0.10 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $65.3 million versus the consensus estimate of $65.1 million.

TrueCar is also announcing that its Founder, Chief Executive Officer and Chairman, Scott Painter, will step down as CEO later this year. Mr. Painter will retire when his successor takes office, which is expected to occur by year-end. Mr. Painter will continue to serve as Chairman of TrueCar's Board of Directors.

TrueCar sees Q3 2015 revenue of $65-67 million, versus the consensus of $66.51 million.

TrueCar sees FY2015 revenue of $252-258 million, versus the consensus of $254.37 million.

"It was a tough quarter in relation to our initial guidance," said Mike Guthrie, TrueCar's Chief Financial Officer. "Notwithstanding that, we achieved notable successes. Traffic grew by 42% to 6 million unique visitors, and TrueCar Certified Dealers transacted a total of 190,358 vehicles on the platform, a quarterly record. New car transactions represented 4% of total U.S. retail sales in the quarter."

For earnings history and earnings-related data on TrueCar (TRUE) click here.

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