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Investing.com — Carvana Co (NYSE:CVNA), an online used car seller, missed expectations for third-quarter results, blaming a deteriorating economy and weakening demand for used cars after a surge of interest during the pandemic.
A per-share loss of $2.67 compared to analyst expectations for $1.76 a share loss. Sales fell to $3.39 billion and missed analysts’ forecast for $3.91 billion.
The car seller’s shares tumbled as much as 11% in after hours trading and then clawed back some losses to trade 8% lower. Shares hit a new 52-week low and are down 93% so far this year.
Carvana sold 102,570 used vehicles in the quarter, down 8% from the same period last year and below estimates for 114,073.
The company said it isn’t giving an outlook for 2023.
