- Shares of Carvana surged more than 30% in extended trading on Wednesday after the used-car seller forecast a surprise rise in current quarter retail sales and core profit. Carvana's results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones.
The stock surge is set to add about $6 billion to its market capitalization of $17.6 billion, as of Wednesday's close. The company reported a first-quarter profit of $49 million, compared with analysts' estimates of $31.2 million, according to LSEG data.
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