Overview

• 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.