Cars.com lost money in the first quarter as the novel coronavirus took a financial toll on the company and its dealership customers, but the company still generated a gain in adjusted net income and its shares skyrocketed.
The Chicago vehicle listings company posted a net loss of $787 million in the quarter ended March 31, up from a net loss of $9 million in the same period a year ago.
Cars.com attributed the loss to a virus-related noncash goodwill and intangible asset impairment charge of $905.9 million recorded in the first quarter.
Revenue dipped 4 percent to $148.1 million, mainly resulting from declines in dealership customers and average revenue per dealership compared with the prior year, the company said. Cars.com said it achieved its second straight quarter of dealership customer growth in the first quarter, reporting 18,938 customers as of March 31, up 104 from the fourth quarter of 2019.
Cars.com said its adjusted net income for the first quarter rose 5 percent to…