Avis Budget Group shares dropped in late trading after the company's revenue and earnings fell short of Wall Street expectations due to shifting booking trends.
Shares fell 13.4% to $144 in afterhours trading Tuesday. The stock is down about 9% over the past three months.
The car-rental company reported a second-quarter profit of $35 million, or 98 cents a share, compared with a profit of $4 million, or 10 cents a share, a year earlier, but short of analysts' expectations for $2.05 a share, according to FactSet.
Revenue fell to $3 billion, down from $3.04 billion a year earlier, and below the $3.10 billion analysts forecast.
Avis said it moved quickly to resize its fleet to protect utilization and returns as booking trends shifted during the quarter.
"We remain focused on disciplined execution, stronger customer experiences, and building a business that can perform across different demand environments," Chief Executive Brian Choi said.
