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Carvana Misses on Revenue as Quarterly Loss Wider Than Forecast By Investing.com

© Reuters
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By Liz Moyer

Investing.com — Carvana Co (NYSE:), an online used car seller, missed expectations for , blaming a deteriorating economy and weakening demand for used cars after a surge of interest during the pandemic. 

A per-share loss of $2.67 compared to analyst expectations for $1.76 a share loss. Sales fell to $3.39 billion and missed analysts’ forecast for $3.91 billion.

The car seller’s shares tumbled as much as 11% in after hours trading and then clawed back some losses to trade 8% lower. Shares hit a new 52-week low and are down 93% so far this year.

Carvana sold 102,570 used vehicles in the quarter, down 8% from the same period last year and below estimates for 114,073. 

The company said it isn’t giving an outlook for 2023.

Story Credit: investing.com

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