CarMax Stock Slides on Earnings. Quarterly Revenue Declined 13%.

Shares of CarMax were tumbling in premarket trading Thursday after the user-car seller reported fiscal second-quarter revenue that declined sharply from a year earlier.

Revenue was $7.1 billion, down 13.1% from a year earlier, and slightly above estimates of $7.02 billion, according to FactSet. Total retail used-vehicle unit sales fell 7.4% from the year-earlier quarter and comparable-store used-unit sales fell 9%. The average retail selling price also fell by about $1,200 per unit, or 4%.

The company said it intends to resume share repurchases in the third quarter after pausing them in the third quarter of the previous fiscal year. Shares of CarMax were down 11% to $70.65 in premarket trading. Coming into Thursday’s session, the stock has risen 30% this year.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CarMax's stock slides 6.5% after earnings reflect pressures on used car industryCarMax posted earnings that were lower than a year ago as the CEO said the used car sector remains under pressure.
Source: MarketWatch - 🏆 3. / 97 Read more »

CarMax falls on earnings miss, as used vehicle sales slow By Investing.comCarMax falls on earnings miss, as used vehicle sales slow
Source: Investingcom - 🏆 450. / 53 Read more »

Accenture Stock Drops as Earnings Outlook Misses ExpectationsAccenture posts fiscal fourth-quarter earnings of $2.71 a share on revenue of $15.99 billion.
Source: MarketWatch - 🏆 3. / 97 Read more »

Accenture stock slips in premarket after 2024 earnings forecast falls shortAccenture Plc’s stock dropped 2% in premarket trading Thursday after the New York-based professional services company’s adjusted 2024 profit outlook fell...
Source: MarketWatch - 🏆 3. / 97 Read more »