Connected Car
It will take some time before TrueCar, of Santa Monica, Calif., realizes a promised $20 million in savings from the job cuts, CFO Teresa Luong said during the investor call. Luong said the company received some financial benefit from the reductions during the second quarter, though the full impact will take time. "In regard to Q3 and Q4 we do expect some benefits but not to the full extent we disclosed in regard to a $20 million annualized savings," Luong said. The company is managing and examining its cost structure closely beyond the job cuts, she added. TrueCar's net losses grew to $20.4 million during the second quarter, up from an $11 million loss in the previous year and a $19.6 million loss the previous quarter.