Carvana Stock Jumps On Q1 Earnings: Revenue Beat, Vehicles Sold Up 16%, Strong Guidance And More
Portfolio Pulse from Adam Eckert
Carvana Co (NYSE:CVNA) reported Q1 earnings with revenue of $3.061 billion, surpassing the consensus estimate of $2.673 billion. The company sold 91,878 vehicles, a 16% increase year-over-year, and provided strong guidance for future growth. Shares surged 34.34% after hours to $117.
May 01, 2024 | 8:51 pm
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Carvana reported a significant beat on Q1 earnings with revenue of $3.061 billion and a 16% increase in vehicles sold. The company's shares jumped 34.34% after hours.
Carvana's Q1 earnings report exceeded analysts' expectations, showing significant revenue growth and an increase in vehicles sold. This positive news, coupled with strong future guidance, likely contributed to the substantial after-hours stock price increase. The company's optimistic outlook for the coming quarters, including expected growth in retail units and adjusted EBITDA, further supports a positive short-term impact on the stock.
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