US Stock Market Move | Q3 earnings per share lower than expected, Carvana (CVNA.US) plunges over 10%
On Thursday, Carvana (CVNA.US) fell more than 10% in early trading, hitting a four-month low at $317.22.
On Thursday, Carvana (CVNA.US) fell more than 10% in early trading, hitting a four-month low of $317.22. On the news front, the company's overall revenue for the third quarter increased by 54.5% to $5.65 billion, higher than the analysts' average expectation of $5.08 billion; earnings per share were $1.03, lower than analysts' expectation of $1.30. Retail sales reached a record 156,000 units, up 44% year-on-year. The company expects retail sales in the fourth quarter to exceed 150,000 units, and expects full-year adjusted EBITDA to reach or exceed the upper limit of the previously announced range of $2 to $2.2 billion.
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