Advance Auto Parts' (NYSE: AAP) first-quarter financials crushed any remaining optimism investors might have had for this company's potential turnaround. Revenue barely increased, and net income shrunk by more than two-thirds. 

Making matters worse, management severely downgraded financial guidance for the rest of fiscal 2023. The business also cut its quarterly dividend payout. Unsurprisingly, as of this writing, the stock is down an eye-watering 54% this year. 

If you're seriously thinking of buying shares of Advance Auto Parts in hopes of a major bounce-back, I think it's best to reconsider your stance. Furthermore, it's a better idea to take a closer look at this booming auto stock instead. 

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Source Fool.com