shares of cargurus inc fell more than 20 after the online car buying platform swung to a loss in the second quarter and said demand for new cars is cooling the company posted a net loss of 103 million or 9 cents a share for the recently ended quarter compared with 281 million or 23 cents a share stripping out stockbased compensation and other onetime items adjusted earnings came to 32 cents a share analysts surveyed by factset were looking for adjusted earnings of 31 cents a share revenue more than doubled to 5112 million from 2177 million analysts surveyed by factset were looking for revenue of 5073 million cargurus also issued currentquarter guidance that fell below wall street expectations revenue is expected to be between 460 million and 490 million analysts were looking for revenue of 5556 million adjusted earnings are expected to be 25 cents a share to 28 cents a share in the third quarter cargurus said analysts were looking for 33 cents a share chief executive jason trevisan said that the automotive space is moving from being supplyconstrained to being limited by demand in past quarters we discussed the challenges the automotive industry faced as a result of the semiconductor chip shortage however with inflation rising interest rates concerns of a recession and changing consumer sentiment dealers are further challenged with a reduction in demand for vehicle purchases he said monday evening on the companys earnings call the stock traded almost 23 lower at 1990 a share in midday trading tuesday shares are down 41 so far this year write to will feuer at willfeuerwsjcom