Carvana Achieves First Annual Profit, Shares Soar Amid Analyst Upgrades

Carvana's stock jumps following a successful year marked by significant cost-cutting and a strategic debt-reduction deal, signaling a potential turnaround for the online used-car retailer.

Carvana reports its first-ever annual profit, with net income of $450 million for 2023, compared to a loss of $1.59 billion in 2022.
Shares surged up to 40% on Friday, buoyed by upgrades from analysts and a positive outlook for 2024.
The company has significantly reduced its debt, cutting it by more than $1 billion, and trimmed expenses to optimize operations.
Analysts highlight Carvana's improved gross profit per unit and expect retail unit sales to grow in the first quarter of 2024.
Despite past challenges, Carvana's strategic moves and market potential are aligning, suggesting a brighter future ahead.