Why Carvana Stock Soared 20% After Earnings
Carvana (NYSE: CVNA) stock motored higher Thursday, its stock up 20% through 11:25 a.m. ET after beating analyst forecasts for third-quarter revenue.
Carvana reported Q3 sales of $3.66 billion last night, edging out Wall Street forecasts for $3.65 billion. The company also appears to have beaten earnings expectations.
According to Yahoo! Finance data, Carvana entered Q3 with analysts expecting it to earn $0.25 per share -- a steep decline from last year's $3.60 Q3 profit. In fact, earnings did decline to about $1.26 per share, a drop of 65%, but that was still a lot better than had been feared. It was also Carvana's third straight quarterly profit. Meanwhile sales soared 32% year over year, which was even better than the analysts had hoped.
Source Fool.com
Carvana Co. Stock
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