Avis is diving after missing earnings
Avis reported earnings Monday after the bell, and the stock in on the move.
Shares of Avis are down 7.67% and trading at about $30.88 in early trading Tuesday.
Avis' second quarter earnings missed big time. GAAP earnings was reported at $0.04 per share, much lower than Wall Street estimates of $0.49. The company brought in $2.238 billion in revenue, which was lower than the $2.271 billion expected by analysts. Net income was reported at $3 million when analysts were expecting $23.8 million, according to data from Bloomberg.
The company has been in the news recently for its partnerships with big tech companies. The rental agency partnered with Waymo, an Alphabet subsidiary, to manage their fleet of self-driving cars.
The fleet will contain about 600 Chrysler minivans, and Avis will also be supplying maintenance to the fleet.
Avis is down 13.5% this year after the post-earnings move.
