TrueCar (NASDAQ: TRUE) reported Q1 EPS of $0.04, $0.06 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $83.5 million versus the consensus estimate of $86.44 million.

“I am very proud of TrueCar’s immediate response to COVID-19, a response that carefully balanced the needs of our employees, dealers, consumers and shareholders,” said Mike Darrow, TrueCar’s President and Chief Executive Officer. “I believe the impact of COVID-19 on consumer behavior will accelerate the adoption of digital retailing solutions within the automotive industry, and I’m excited about what that means for TrueCar. We will build on the significant progress we’ve made on our consumer experience over the past 12 months as we look to quickly and aggressively innovate towards becoming the first online marketplace to support a fully remote car buying process.”

“While COVID-19 certainly impacted our first quarter revenue, we’re pleased by our strong Adjusted EBITDA and positive cash flows in the quarter, a clear demonstration of our commitment to stewarding shareholder capital and preserving profitability in the business,” said Noel Watson, TrueCar’s Chief Financial Officer.

GUIDANCE:

Due to the unprecedented nature of the coronavirus pandemic and the uncertainty that it occasions, we withdrew our guidance for the full year ending December 31, 2020 on March 19, 2020, and will not be providing guidance for the second quarter ending June 30, 2020 at this time.

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