From CNBC: 2024-05-01 16:54:15

Carvana shares surged over 30% in after-hours trading following record first-quarter results and profitability. Earnings per share were 23 cents, compared to an expected 74 cent loss. The company reported $3.06 billion in revenue and recorded a net income of $49 million, a significant improvement from the prior year. Gross profit per unit was $6,432, and adjusted profit margin was 7.7%. Carvana CEO emphasized the online retail model’s success and profitability, marking a turnaround from previous concerns. The company is now focused on driving profitable growth and aims to become a leading auto retailer. Shares have rebounded, climbing 67% this year. Carvana expects further growth in the second quarter with increased retail units and adjusted earnings.



Read more at CNBC: Carvana (CVNA) earnings Q1 2024