Carvana (NYSE:CVNA) stock is climbing higher on Friday after the used-car retailer released its earnings report for the first quarter of 2023.
The earnings report starts out positive with the company’s EPS coming in at -$1.47. That’s better than the -$1.87 per share that Wall Street was predicting for the period.
Another highlight for CVNA stock is the company’s revenue of $2.61 billion. That’s another win for the company compared to analysts’ estimate of $2.58 billion. However, revenue did drop from $3.5 billion in the same period of the year prior.
CVNA Stock Jumps on Q2 Outlook
Ernie Garcia, CEO of Carvana, gave this positive news to investors in the latest earnings report:
“The first quarter was a big step in the right direction and there are more steps to come. Given our strong start to the year, we expect to achieve positive adjusted EBITDA in Q2 2023. It is clear our strategy and execution are working as evidenced by our 61% increase in gross profit per unit, the best first quarter GPU in company history.”
Today’s news brings with it heavy trading of CVNA stock. As of this writing, more than 21 million shares are on the move. That’s already well above the company’s daily average trading volume of about 15 million shares.
CVNA stock is up 33.3% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
