TrueCar (Nasdaq: TRUE) reported flat revenue and increased net losses during the past quarter as the company adjusts to leadership changes and restructuring.

Second-quarter revenue came to $88.1 million, a very slight improvement from $87.8 million during the same period last year. The company posted a net loss of $24.1 million compared to $6.6 million in Q2 2018.

Web traffic has dipped. Average monthly unique visitors dropped 7 percent year-on-year to 7.2 million. And the number of car sales that TrueCar could attribute to its listing service fell from 250,269 in the second quarter of 2018 to 249,856 this past period.

On top of this, the company has — for a second consecutive quarter — reduced its guidance for full-year earnings. It now predicts 2019 revenue at $345 to $350 million, representing a 5-6 percent cut from last quarter’s forecast. 

On the positive side, TrueCar reported a year-on-year increase in dealer clients. Its franchise dealer count was 12,681 as of June 30, 2019, compared to 12,368 a year earlier. Independent dealer clients numbered 4,014 — an increase from 3,166.

Interim CEO Michael Darrow (LinkedIn profile), who stepped in after Chip Perry departed in this spring, is now overseeing a company in transition.

He tried to put a positive spin on the turmoil, saying, “I feel very strongly that we’ve made the necessary changes to stabilize the business and set us up for growth in the future. We are re-energized as an organization, and remain excited by the opportunities in front of us.” 

A summary of the report is available here.

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