Avis Budget Group Stock Plummets on Earnings Shortfall
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BTCCSquare news:
Avis Budget Group shares tumbled 15.4% following a disappointing Q2 earnings report, despite flat revenue of $3.04 billion matching expectations. The rental car giant's GAAP earnings per share collapsed to $0.10 from $0.41 year-over-year, missing analyst estimates by a wide margin.
The company did showcase operational improvements with adjusted EBITDA climbing 29% to $277 million. Strategic moves included a Waymo partnership for autonomous fleet management in Dallas and the launch of premium Avis First services. Market enthusiasm from Bill Ackman's investment and trade war Optimism proved insufficient to sustain the stock's prior rally.
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