Carvana Soars After Strong Earnings Guidance Despite Falling Sales
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Carvana posted stronger-than-expected Q4 earnings guidance, citing strength in the used car market. Stock surged 18% after hours.
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Carvana expects adjusted EBITDA "significantly above $100 million" in Q1, well above estimates.
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Carvana retail used unit sales fell 13% in Q4 to 76,090 but profit per unit rose to $5,283.
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Online auto auction peer Copart posted an earnings miss for its fiscal Q2 after the bell Thursday.
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Startup rival ACV Auctions beat Q4 loss estimates and accelerated revenue growth for a second straight quarter.