Carvana reports $7.376 billion revenue, beating expectations
Carvana reported a record quarter with revenue of $7.376 billion, up 52% year over year. The company’s adjusted EPS was $0.42, exceeding the estimated $0.38.
The online used-car retailer’s adjusted EBITDA reached a record $769 million, surpassing the expected $766.2 million. However, the company’s full-year forecast fell short of expectations.
Carvana’s shares tumbled after the guidance was announced, with the stock losing over 20% after hours before narrowing losses to 6% in premarket trade. The company expects full-year adjusted EBITDA of $2.7 billion to $3.0 billion.
The midpoint of the forecast range missed the $2.99 billion analysts were expecting, contributing to the stock’s decline.