Why Carvana Is Plunging 17% Lower Friday Morning
Shares of Carvana (NYSE: CVNA) plunged 17% as of 10 a.m. ET, after the leading e-commerce platform for buying and selling used cars online reported disappointing fourth-quarter results that highlighted its struggles throughout 2022.
Carvana, once known for consistent and impressive double-digit growth by most metrics, posted substantial 23% and 24% declines in retail units sold and revenue, respectively, during the fourth quarter.
Carvana's fourth-quarter loss checked in at $7.61 per share, much wider than the prior year's fourth-quarter $1.02 per share loss, and worse than analysts' estimates of a $2.18 per share loss.
Source Fool.com
