Transportation
Hertz Shares Tumble After Worse-Than-Expected Quarterly Loss
Hertz shrank the size of its fleet and had fewer cars to rent as it contends with President Donald Trump’s trade war.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Hertz Global Holdings Inc. shares plunged after the car-rental company posted a larger-than-expected loss in the first quarter, pressured by a slowdown in customer bookings.
Revenue fell 13% in the period, contributing to an adjusted loss of $1.12 per share, the company said in a statement late Monday. Analysts had expected a 99-cent deficit on average, according to estimates compiled by Bloomberg.