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Carvana's Units Sold Affected By Omicron and High Used Vehicle Prices

Published 2022-04-21, 10:54 a/m
© Reuters
CVNA
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By Sam Boughedda

Investing.com -- Online used car retailer Carvana Co (NYSE:CVNA) reported its first-quarter earnings after the close Wednesday, missing analyst estimates. 

The company reported a loss per share of $2.89 on revenue of $3.5 billion. Analysts polled by Investing.com expected a loss of $1.45 per share on revenue of $3.37 billion. They sold 105,185 retail units during the quarter, an increase of 14% YoY.

Carvana said its earnings and the used vehicle industry were impacted by Omicron, high used vehicle prices, rapid changes in interest rates, and other macro factors. They added that the factors affected retail units sold volume and were the primary driver of its results in Q1.

"We view these macro factors as transitory and remain focused on delivering the best possible experiences to our customers," explained Ernie Garcia, founder and CEO of Carvana.

After opening lower, Carvana stock dropped to $83 in early Thursday trading. It now trades above $88, or over 4% below Wednesday's close higher.

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