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{"id":34751,"date":"2023-06-09T21:35:36","date_gmt":"2023-06-09T21:35:36","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/"},"modified":"2023-06-09T21:35:38","modified_gmt":"2023-06-09T21:35:38","slug":"carvana-crashes-back-down-to-earth","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/","title":{"rendered":"Carvana crashes back down to earth"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/<\/a><\/br>
\nCarvana crashes back down to earth<\/br>
\n2023-06-09 21:35:36<\/br><\/p>\n

\n

Carvana\u2019s big rally<\/a> is now looking more like a blip on the radar.<\/p>\n

Shares in the online-car retailer soared Thursday, closing up by 56%<\/a> from the prior day on news that it expected to post $50 million worth of adjusted EBITDA in the current quarter, powered by stronger per-car sales profitability.<\/p>\n

For Carvana, the gains were a welcome turnaround. The company, which once had stock prices as high as $360 in 2021, had experienced a steady decline down to the single digits. However, despite topping $25 per share on Thursday in the wake of its profit update, shares of Carvana closed at $19.07 today, erasing much of its recent gains.<\/p>\n

What changed<\/h2>\n

Carvana\u2019s debt and declining revenue, and the cool<\/a> response<\/a> it got from industry analysts, eclipsed the company\u2019s sunny profit predictions. There was also concern that the company\u2019s adjusted profitability result was a one-time affair.<\/p>\n

Other commentary echoed what TechCrunch wrote yesterday<\/a>: Carvana\u2019s boosted profitability was coming on the back of falling revenues. At current count, Wall Street analysts expect Carvana to report revenues of $2.57 billion in the second quarter and $2.63 billion in Q3. Those figures compare poorly when placed next to 2022\u2019s Q2 and Q3 revenue results of $3.88 billion and $3.39 billion, respectively.<\/p>\n

Carvana is a deeply indebted company, with long-term debt of more than $6.5 billion at the end of the first quarter. With gross profit of a few hundred million per quarter at current count, and negative operating cash flow of $66 million in Q1 2023, the company has an uphill road ahead of it.<\/p>\n

Some history<\/h2>\n

Carvana launched in 2013, calling itself<\/a> the \u201cfirst complete online auto retailer.\u201d At the time, co-founder Ernie Garcia III said the company had cut out the physical overhead associated with traditional dealerships, replacing it with \u201cconsumer-friendly technology\u201d and offering 360-degree interior and exterior views of its inventory.<\/p>\n

Carvana embraced physical retail spaces in 2015, albeit in a novel way, via multi-story \u201ccar vending machines<\/a>.\u201d In the years since, Carvana secured billions in equity and debt financing, and it bought a couple of startups \u2014 namely, Car360<\/a> and Adesa<\/a>. Through it all, the\u00a0company has yet to record<\/a> a real profit.<\/p>\n

Certainly, better per-sale profitability and improved adjusted profits for the second quarter are welcome \u2014 as evidenced by investors\u2019 initial reaction yesterday. However, it\u2019s not clear if Carvana\u2019s long-term trajectory has changed enough to warrant a whole-cloth repricing. Cooler, or more cynical, heads seem to have prevailed today.<\/p>\n

Still, Carvana, at around $19 per share, is worth close to a third more than it was before it dropped its latest news. That\u2019s a win for the company no matter how you slice it.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/ Carvana crashes back down to earth 2023-06-09 21:35:36 Carvana\u2019s big rally is now looking more like a blip on the radar. Shares in the online-car retailer soared Thursday, closing up by 56% from the prior day on news that it expected to post $50 million worth of adjusted EBITDA in the current quarter, powered […]<\/p>\n","protected":false},"author":1,"featured_media":34752,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-34751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nCarvana crashes back down to earth - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carvana crashes back down to earth - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/09\/carvana-crashes-back-down-to-earth\/ Carvana crashes back down to earth 2023-06-09 21:35:36 Carvana\u2019s big rally is now looking more like a blip on the radar. 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