CarGurus Stock Rises After Strong Financials for Fourth Quarter and Full Year 2021
Feb 25, 2022 By MarketDepth
CarGurus, Inc. (NASDAQ: CARG) share jumped more than 30% after the online automotive marketplace announced financial results for the fourth quarter and full-year ended December 31, 2021.
For the first quarter of 2021, total revenue was $339.3 million, an increase of 124% compared to $151.6 million in the fourth quarter of 2020. Marketplace revenue was $160.8 million, Wholesale revenue was $82.6 million and Product revenue was $96.0 million in the fourth quarter of 2021.
Revenue Up 73%
For full-year 2021, total revenue was $951.4 million, an increase of 73% compared to $551.5 million in 2020. Marketplace revenue was $636.9 million, Wholesale revenue was $195.1 million and Product revenue was $119.3 million in 2021.
“2021 was a transformative year for CarGurus as we evolved from a listings business to a transaction-enabled marketplace providing valuable cross-platform synergies to both our dealer partners and our industry-leading consumer audience. This was made possible with the acquisition of CarOffer, the launch of CarGurus Instant Max Cash Offer and the progression of our digital retail capabilities. These milestones were integral to the development of our end-to-end transaction-enabled marketplace. I’m thrilled to share that with these sizable new growth vectors and through the remarkable resiliency of our foundational listings business, CarGurus achieved exceptional results and exceeded our forecasted guidance for the fourth quarter and full-year 2021.”Jason Trevisan, Chief Executive Officer of CarGurus