Carvana shares slump on widening loss
Carvana Co. shares plunged 12% in after-hours trading Wednesday after the e-commerce company for buying and selling used cars reported a wider-than-expected fourth-quarter loss. Carvana reported a loss of $125.7 million, or 82 cents a share, in the quarter, compared with a loss of $84.6 million, or 58 cents a share, in the year-ago fourth quarter. Revenue shot up 89% to $1.104 billion from $584.8 million a year ago. Analysts surveyed by FactSet had expected a loss of 62 cents a share on sales of $1.101 billion. Carvana shares are up 143% over the last 12 months. The broader S&P 500 index has gained 11.6% in the last year.
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