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Why ACV Auctions Stock Surged Today

TheMotleyFool

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Why ACV Auctions Stock Surged Today: https://g.foolcdn.com/editorial/images/722028/new-car-salesman-ev-auto.jpg

Shares of ACV Auctions (NASDAQ: ACVA) were moving higher today after the wholesale digital auto auctioneer posted strong results in its fourth-quarter earnings report.

As of 11:35 a.m. ET on Thursday, the stock was up 15%.

In a challenging used-car market, ACV said revenue in the fourth quarter declined by 2% to $98 million, which was slightly below estimates at $99.3 million. Marketplace gross merchandise volume was down 29% to $1.8 billion as marketplace units sold fell 10% to 124,751, a reflection of falling prices and demand in the wholesale used-car market after prices soared in 2021.

Source Fool.com

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