Copart misses revenue estimates on weak demand for used cars

(Reuters) -Online vehicle auction company Copart ​reported first-quarter revenue below ‌Wall Street estimates on Thursday, hurt ‌by weak demand and falling vehicle values for used cars.

Shares of the company, which provides auction ⁠services for ‌damaged and total-loss vehicles to used-car dealers ‍and dismantlers, fell 1.8% in extended trading.

Revenue from its services ​segment rose 0.6% ‌to $991.8 million from a year ago, while that from vehicle sales rose 1.7% to about $163.2 ⁠million.

The company reported ​first-quarter revenue of ​$1.16 billion, below expectations of $1.17 billion,‍ ⁠according to data compiled by LSEG.

It earned 41 cents per share,⁠ beating estimates of 39 cents.

‌(Reporting by Apratim Sarkar ‌and Parth Chandna)