Carvana characterized its ongoing investments as manifesting “sustained hyper growth,” and its topline reflected the aggressive strategy in the first quarter. The company’s net revenue grew by triple digits for a 21st consecutive quarter, jumping 110 percent to $755.2 million, while total retail unit sales rose 99 percent to 36,766. But profitability remains elusive, as the company’s net loss climbed 57 percent to $82.6 million. Carvana reported its results after markets closed on Wednesday. Shares rose 2.7 percent to $73.70 in premarket trading on Wall Street.”The first quarter marked several spectacular milestones for Carvana,” company CEO Ernie Garcia said in a letter to shareholders. “We delivered another quarter of triple digit revenue growth, entered our 100th market, and successfully completed our first securitization all while continuing to deliver exceptional customer experiences. 2019 is off to a great start. We are energized and remain focused on our goal of selling more than 2 million cars per year.”Carvana opened stores in 24 new markets, increasing its total to 109. It added another one of its high-visibility vending machine store in Pittsburgh, bringing its total of those stores to 16 as of March 31. And since then, it has opened stores in another… Read full this story
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