Shares of Cars.com Inc. (CARS) surged 6.93% on November 7, 2024, following the company's impressive third-quarter earnings report. The online automotive marketplace reported solid financial results, driven by continued revenue growth across its product portfolio and disciplined execution.

For the quarter ended September 30, 2024, Cars.com reported revenue of $179.7 million, up 3.1% year-over-year. The revenue growth was fueled by a 17% increase in the company's OEM and National segment, reflecting robust demand from manufacturers seeking to boost consumer awareness of on-lot inventory. The company's Dealer revenue also grew modestly by 2%, driven by strength in its D2C Media and digital experience offerings.

On the profitability front, Cars.com delivered adjusted EBITDA of $51.1 million, up 3.3% from the prior year, representing an adjusted EBITDA margin of 28.5%. Adjusted net income for the quarter stood at $27.7 million, or $0.41 per diluted share, compared to $27.3 million, or $0.40 per diluted share, in the same period last year.