Carvana Shares Jump After First-quarter Earnings Beat

By Caitlin Huston Markets MarketWatch Pulse

Shares of Carvana Co. , a platform for buying used cars, shot up 5% after hours Tuesday after the company beat first-quarter earnings expectations in its first report as a public company. Carvana reported a net loss $38.4 million, or a loss of 44 cents per share, compared to a net loss of $17.3 million in the year-earlier period. It reported an adjusted loss per share of 28 cents. Analysts surveyed by FactSet had expected a loss per share of 29 cents. Revenue was $159.1 million, up from $72.9 million in the year-earlier period and above the FactSet consensus of $158.2 million. For the second quarter, the company expects revenue in the range of $193 million to $203 million, compared to the FactSet estimate of $184.4 million. Shares of Carvana have fallen 12.7% in the past month, while the S&P 500 has gained 1.2%.

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