Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue of more than a billion, beating analyst estimates. The company forecast a sequential rise in adjusted core profit and retail unit sales growth, surprising analysts who expected a sales decline. Adjusted earnings before interest, tax, depreciation, and amortization were more than $200 million, exceeding estimates. Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago. High interest rates have pushed some consumers to the used car market for better deals than new vehicles.
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00:00It's Benzinga, and here's what's on the block.
00:02Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue
00:07of more than $3 billion, beating analyst estimates. The company forecasts a sequential rise in
00:12adjusted core profit and retail unit sales growth, surprising analysts who expected a
00:16sales decline. Adjusted EBITDA were more than $200 million, exceeding estimates.
00:21Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago.
00:26High interest rates have pushed some consumers to the used car market
00:29for better deals than new vehicles. For all things money, visit Benzinga.com.