00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Carback shares plunged 20% on Thursday to $45.60, their lowest close since March 2020,
00:09after missing quarterly earnings and revenue expectations, according to CNBC.
00:12The used auto retailer reported revenue of $6.6 billion, down 6% year-over-year,
00:17and adjusted earnings of $0.99 per share, below annual estimates of $7.01 billion,
00:22and $1.05, according to LSEG.
00:24Overall vehicle sales fell 4.1%, driving a 28% drop in an income to $95.4 million.
00:31CEO Bill Nash called the fiscal second quarter challenging,
00:34citing tariff-driven pull-ahead sales earlier this year,
00:37weaker demand each month, and depreciation in its fleet.
00:40Carback's stock is down 44% year-to-date, with a market cap of $6.84 billion.
00:45For all things money, visit Benzinga.com.
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