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Carvana Co. shares fell in the extended session Wednesday after the platform for buying used cars online missed sales estimates but turned in a lower loss than expected. Carvana CVNA, +4.45% shares dropped nearly 5% in after-hours trading, after ending 4.4% higher in the regular session at $174.07. The company reported a second-quarter loss of $106 million, or 62 cents a share, compared with a loss of $64 million, or 44 cents a share, in the year-ago period. Revenue rose to $1.12 billion from $986 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 79 cents a share on revenue of $1.15 billion. While CEO Ernie Garcia said in a statement that Carvana is “seeing more demand than ever before,” the company said it would not provide guidance because of the uncertainty surrounding COVID-19. It also mentioned inventory constraints amid the unprecedented demand. Carvana shares are up 91.6% this year, compared with the S&P 500 Index SPX, +0.64%, which is up 2.3% so far.
