Why Carvana Stock Crashed Today
Few investors were eager to drive off the lot with shares of Carvana (NYSE: CVNA) on Thursday. The auto retailer saw its share price crater by just over 10% following its release of disappointing quarterly earnings, and the announcement of new capital-raising measures.
After market hours on Wednesday, Carvana published its first-quarter results. For the period, the company booked just under $3.5 billion in revenue, which was 56% higher on a year-over-year basis. But the net loss deepened considerably, coming in at $506 million ($2.89 per share) against first-quarter 2021's $82 million deficit.
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Source Fool.com
