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Why Carvana's Stock Crashed Today

TheMotleyFool

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Carvana (NYSE: CVNA) investors were heading for the hills today after the online car marketplace reported worse-than-expected third-quarter results.

Not only did it miss Wall Street's expectations for the quarter but management didn't exactly paint a rosy picture for the company going forward. As a result, its share price plunged 38.8% as of 1:18 p.m. ET.

Carvana's non-GAAP (adjusted) loss per share of $2.67 was a massive decrease from the company's loss of $0.38 in the year-ago quarter. It also was worse than analysts' average estimate of a loss of $1.94 per share.

Source Fool.com

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