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Monday, Aug 15, 2022
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AutoWeb Revenue, Earnings Down

AutoWeb Inc. in Irvine had net income of $100,000 on revenue of about $37 million in its most recent quarter, down from adjusted net income of $2.6 million on adjusted revenue of about $42 million in the same period last year.

AutoWeb, formerly Autobytel Inc., generates prospective car buyers for auto dealers.

The company’s ad revenue increased to $8.9 million from $7.4 million but ‘lead fees’ paid to the company fell to $27.7 million from $36.2 million.

“The expected decline was due to the effect of eliminated lower-quality traffic campaigns, partially offset by continued strong growth of advertising click revenues,” the company said in a statement.

AutoWeb maintained its full-year guidance. It expects 2017 revenue of $144 million to $148 million, down from an adjusted $150.4 million in 2016.

Shares in the company traded down 2.7% on the day to a market cap of $87 million.

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