Carvana Cruises into Profitability: Revving Up Success in Used Car Market!

Carvana's Profitable Ride

Carvana revs up success as it reports its first ever profit and forecasts core current quarter profit significantly above $100 million sending its shares soaring over 20% after hours.

Trimming Inventory and Expenses

To strengthen its balance sheet and achieve positive cash flow Carvana has been trimming inventory and slashing advertising and other expenses. Looks like they're tightening their seat belts for a smooth ride!

CEO's Dream Ride

CEO Ernie Garcia dreams big aiming for Carvana to become the largest and most profitable automotive retailer. Buckle up folks we're on the highway to success!

Gross Profit Gains

Carvana expects retail gross profit per unit to be similar to the fourth quarter with potential for upside. With a nearly seven fold increase in retail gross profit per unit it looks like they're shifting into high gear!

Driving Expenses Down

Carvana plans to reduce expenses per retail unit sold from the previous quarter aiming for even greater efficiency. These cost cutting maneuvers are speeding up their journey to profitability!

From Losses to Wins

After reporting a net income of $450 million for 2023 Carvana has turned the tables from a loss of $1.59 billion in 2022. It seems they've taken a detour from losses to wins in the automotive market!