Carvana shares spike 30% as used car retailer posts record first quarter
Publishing timestamp: 2024-05-02 05:53:33
Summary
Carvana's shares surged over 30% after reporting record results and turning a profit in the first quarter. The company's gross profit per unit and adjusted EBITDA profit margin were strong, following a major restructuring to focus on profitability. Carvana's net income included a gain in the fair value of warrants. The CEO expressed confidence in the company's future growth and profitability, with a focus on efficiency gains and cost reductions. The company aims to become the largest and most profitable auto retailer.
Sentiment: POSITIVE
Keywords: root inc, autos, business news, earnings, breaking news: business, carvana co, business, transportation,
Source: https://www.cnbc.com/2024/05/01/carvana-cvna-earnings-q1-2024.html