RTTNews | Aug 20, 2020 10:07AM EDT

10:07 Thursday, August 20, 2020 (RTTNews.com) - Shares of digital marketing platform for automotive dealers and OEMs provider AutoWeb, Inc. (AUTO) are rising more than 21% Thursday morning to hit a new high of $3.54.

Wednesday the company said its adjusted EBITDA in July has turned around to positive $422000 from loss of $222000 in the same period last year.

Preliminary net loss in July narrowed to $74000 from net loss of $1.055 million in the same period last year.

"Our improved results over the past several months are further evidence of the strength of our turnaround. Gross margin has continued to hold above 35%, and we generated positive cash flow and adjusted EBITDA in both June and July. In fact, we drove a higher level of adjusted EBITDA in July than we did for the entire second quarter," said Jared Rowe, President and CEO of AutoWeb.

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