Why Carvana Stock Crashed Again Today
Shares of Carvana (NYSE: CVNA) were going in reverse for the second day in a row today after the company posted disappointing results and wide losses in its third-quarter earnings report. Investors continue to rush to the exits in fear that the online used car seller could go bankrupt. With used car prices falling, the company is sitting on billions of dollars' worth of depreciating inventory.
As of 12:19 p.m. ET, the stock was down 14.8% after falling 39% on Friday.
In the third quarter, Carvana's revenue declined 3% to $3.39 billion, missing estimates of $3.7 billion as units sold fell 8% to 102,570.
Source Fool.com
