Why Is Cango Stock Trading Higher Today?

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  • The Cango Inc CANG stock is up 7.54% at $3.85 in the premarket session on the last check Friday.
  • The Chinese automotive transaction service platform clocked Q2 revenue growth of 245.5% year-on-year to $146.6 million (RMB946.7 million).
  • Car trading transactions revenues increased 55.2% Y/Y. Automotive financing facilitation revenues rose 111.2% Y/Y.
  • Non-GAAP EPS of $0.62 missed the analyst consensus of $1.62.
  • Cango sees Q3 revenue between RMB700 million - RMB750 million.
  • The board also authorized a share buyback of up to $50 million.
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