By Denny Jacob
Hertz Global Holdings shares declined 7.6% in premarket trading Tuesday after recording a wider loss and lower revenue in its latest quarter.
Shares were trading around $6.41. The stock is up 86% on the year, fueled in part by renewed interest in the company since hedge fund manager Bill Ackman last month disclosed a nearly 20% stake in the company.
The rental car company posted a loss of $443 million on $1.81 billion in revenue in the first three months of 2025, compared to a loss of $186 million on $2.08 billion in revenue in the prior-year period.
Hertz attributed the lower top line figure primarily to lower supply, noting it intentionally ran a tighter fleet compared with last year due to current macroeconomic conditions.
The company added that it's recently seen demand cool among businesses, government agencies and international travelers visiting the U.S., but bookings for leisure are up year over year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 13, 2025 08:40 ET (12:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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