Carvana's Stock Surges Following Record Earnings and Turnaround

The online used-car retailer reports a significant profit boost, overcoming past financial challenges to exceed market expectations.

Carvana's stock has risen over 7,000% since its near-bankruptcy in 2022, reaching a valuation of $52 billion.
In Q3 2024, Carvana reported a record adjusted EBITDA of $429 million, with revenues jumping 32% to $3.66 billion.
The company sold 108,651 vehicles in the quarter, a 34% increase, highlighting strong consumer demand.
Carvana's stock price increased by 22% following the positive earnings report, trading at its highest level in nearly three years.
Wall Street firms have raised their price targets for Carvana, reflecting confidence in its continued growth and profitability.