Carvana Stock Rockets as Profit, Sales Jump on Rising Demand for Used Cars

Group 1 - Carvana's quarterly profit significantly exceeded analysts' estimates, leading to a positive adjustment in its full-year outlook due to increased demand for used cars [1][2] - The company's stock price surged over 20% following the earnings announcement, reaching its highest level in nearly three years [1][2] - Carvana reported third-quarter earnings per share (EPS) of 64 cents, nearly three times higher than analyst expectations, with revenue increasing by approximately 32% to $3.66 billion [1][2] Group 2 - Retail units sold rose by 34% to 108,651, indicating strong sales performance [1] - Carvana achieved record figures for adjusted EBITDA at $429 million and an adjusted EBITDA margin of 11.7%, reflecting improved profitability [1] - The company anticipates full-year adjusted EBITDA to be "significantly above" the previous estimate range of $1.0 billion to $1.2 billion [2]