CarMax Shares Plummet 10% Following Q2 Earnings Results
<p><a href='https://financialmodelingprep.com/financial-summary/KMX'>CarMax (NYSE:KMX)</a> shares plunged more than 10% intra-day today following the company’s reported mixed Q2 earnings.</p>
<p>The used vehicle retailer fell short of the average analyst EPS estimate, reporting $0.75 per share, which was $0.03 less than the Street expectation of $0.78. However, the company's revenue for the quarter came in at $7.1 billion, reflecting a 13.1% year-over-year decline but slightly surpassing the Street estimate of $7.01 billion.</p>
<p>During the quarter, it appears that there was a weakening in demand for used vehicles, with retail used unit sales decreasing by 7.4% and comparable store used unit sales dropping by 9% compared to the second quarter of the prior year. Wholesale units also saw a decline of 11.2% year-over-year. The combined total of retail and wholesale used vehicle unit sales amounted to 342,662, marking a 9% decrease.</p>

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