AutoWeb may have suffered a net loss of about $5 million in the second quarter, but their new CEO and President, Jared Rowe, insists the company has “made great progress” as they conduct a large restructuring within their business operations as a digital focuses marketing platform that offers advertising ideas and solution to OEMs and dealers.
Recently, AutoWeb reported that its total revenues for the second quarter that ended June 30 came in at $29.3 million, down from $34.6 million a year earlier. The company’s advertising revenues totaled $6.9 million with click revenues constituting $5.8 million.
However, the company posted a net loss of $5.2 million or $0.41 per share. During the second quarter of last year, AutoWeb posted net income of $0.3 million or $0.02 per share.
Nonetheless, Rowe —who arrived at AutoWeb back in April after holding senior positions at FordDirect, Cox Automotive and Cerberus-backed YP Holdings — defended the company’s performance.
The company explained the decline in total revenues was primarily due to lower retail dealer count and lower lead and click volumes. The company attributed the quarterly loss to the decrease driven by investments in new traffic acquisition strategies and testing of new traffic sources.
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