Shares of Avis Budget Group Sink After Second-Quarter Results Fuel Fear

Shares of Avis Budget Group Sink After Second-Quarter Results Fuel Fear

Shares of Avis Budget Group (NASDAQ: CAR), a global provider of mobility solutions through its Avis, Budget, and Zipcar brands, are down nearly 10% as of 9:30 a.m. EDT on Tuesday, after the company announced disappointing second-quarter results.

Image source: Avis Budget Group.

On the top line, the car rental company's revenue checked in at $2.24 billion, which was flat compared to the prior-year period and a smidge below analysts' estimates calling for $2.27 billion. The company's second-quarter adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) checked in at $140 million, or adjusted earnings per share of $0.30, which was well below analysts' estimates calling for $0.51 per share.

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Source: Fool.com