Beaten-down Carvana (CVNA) shares are surging on Friday after the largest online used car retailer in the country said it will report a profit in the second quarter.
Carvana reported Q1 an adjusted EPS loss of $1.51, topping analyst expectations of $1.96 EPS loss. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at negative $24 million for the quarter, though Carvana says this metric will be positive in the current quarter.
“The first…
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