Carvana (CVNA) stock gapped higher in early trading Thursday after the company reported a surprise profit for its first quarter.
In the three months ended March 31, Carvana’s revenue increased 17% to $3.1 billion while its earnings per share (EPS) improved to 23 cents from a loss of $1.51 in Q1 2023. These results were driven by its retail units sold increasing 15.9% to 91,878 and its gross profit per unit increasing 49.4% to $6,432 from the year-ago period.
