Carvana stock surges on first annual profit, pair of analyst upgrades

Vehicles are seen on a display at a Carvana dealership on February 20, 2023 in Austin, Texas.In its after-hours earnings report Thursday, the company posted its first annual profit with a net income of $450 million for 2023 compared with a loss of $1.59 billion in 2022.The used-car retailer has been trimming inventory and expenses as it rebounds from the fall-off from a pandemic peak. After Covid drove increased demand for online car sales, the company's stock soared. But after that demand wore off, Carvana ...