Shares of Hertz Global Holdings, Inc. (NASDAQ:HTZ) plummeted over 7% in pre-market trading on Monday, following the company's release of its third-quarter 2024 financial results, which fell short of analysts' expectations.
The car rental giant reported an adjusted loss of $0.68 per share for the quarter, missing the consensus estimate of a $0.50 loss per share by a significant margin of 36%. Additionally, Hertz's revenue for the quarter came in at $2.6 billion, missing analysts' projections of $2.696 billion by 3.55% and representing a 3.81% decrease from the same period last year.
The disappointing financial performance led to a pre-market sell-off in Hertz shares, with investors reacting negatively to the company's weaker-than-expected earnings and revenue figures. As of 8:02 AM ET, the stock was trading at $14.80, down 7.12% from the previous close.
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