Hertz Shares Tumble After Worse-Than-Expected Quarterly Loss (4)

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.

The company showed declines on multiple key metrics. While forward bookings from leisure customers were up from a year ago, demand from corporate and government customers has moderated.

Hertz moved to sell older models and buy newer cars ...