Carvana's quarterly financial reports

Carvana Posts First Quarterly Profit, Shares Surge 30%

May 1, 2024, 08:44 PM

Carvana Co. reported a significant turnaround with its first quarterly profit, marking a milestone for the company. In the first quarter, Carvana achieved a net income of $49 million, a sharp contrast to a loss of $286 million in the same period last year. This profit was supported by a 16% increase in retail units sold year-over-year, totaling 91,878 vehicles. The company also posted record figures in key profitability metrics, including a $235 million Adjusted EBITDA. These results led to a 30% surge in Carvana's stock price in after-hours trading, reflecting investor optimism. Additionally, Carvana's revenue for the quarter reached $3.06 billion, surpassing analysts' expectations of $2.67 billion.