TEMPE, AZ — Carvana Co.’s shares skyrocketed Thursday as the Tempe-based used car retailer updated its profit outlook to reflect what it expects to be a stronger-than-anticipated second quarter.
Carvana’s (Nasdaq: CVNA) stock closed at $24.27, up 56% in heavy trading volume, on the company's announcement that it expects to achieve more than $50 million in adjusted earnings before interest, taxes, depreciation and amortization in the second quarter due to cost-cutting measures.
At one point during Thursday's trading, Carvana's stock gained more than 68% to reach $26.09, marking an eight-month high.
Carvana also forecasts a record-breaking profit per vehicle of $6,000 in the second quarter, marking a 63% improvement over same period in 2022, according to a company announcement.
