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Why Carvana Stock Raced Ahead 25% This Morning

Why Carvana Stock Raced Ahead 25% This Morning

Carvana (NYSE: CVNA) stock took off like a rocket early Thursday morning, rising 22.7% through 9:45 a.m. ET, after the company announced a revised -- and improved -- forecast for the second quarter of 2023. Specifically, Carvana said it expects to earn more than $6,000 in gross profit per used vehicle sold in Q2, and to report $50 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Carvana noted that if it hits these numbers, this will be the best gross profit margin per car it has ever reported.