Carvana Stock Jumps After Record Q1 Revenue, Profit Beat Wall Street Estimates
Carvana posted record first-quarter revenue of $6.43 billion, up 52% from a year earlier, and sold 187,393 retail vehicles, a 40% increase. Net income rose to $405 million. Shares climbed about 10% in after-hours trading. Adjusted EBITDA margin slipped to 10.4% from 11.5%, and gross profit per retail unit also declined.