Cars.com reported second-quarter net income of $14.3 million, up 103% from $7 million a year earlier, while revenue rose just 1% to $179.9 million. The profit surge was driven by a 7% increase in Marketplace revenue, the fastest since 2021, and a 3% rise in Dealer revenue to $163.3 million, which helped offset an 18% decline in OEM and National revenue to $13.6 million. Operating expenses fell 7% to $152.1 million, boosting adjusted EBITDA margin to 29.4%, above guidance. However, average monthly unique visitors dropped 14% to 22.8 million, and total traffic fell 12% to 143 million visits. The company also repurchased 6.2 million shares for $57 million in the first half, reducing share count by over 10%.
Cars.com IncNet income doubled and EBITDA margin beat guidance, plus share buybacks reduced share count.
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