logo |

News

    Home   >     Industry    >     Main body

    Used-car retailer Carvana sees significant core earnings for 2023

    Abstract:(Reuters) – Carvana Co on Friday forecast significant core earnings for 2023, as the online used-car retailer spelled out plans to rein in spending on advertising, expansion and other areas to offset waning demand.

      Reuters – Carvana Co on Friday forecast significant core earnings for 2023, as the online usedcar retailer spelled out plans to rein in spending on advertising, expansion and other areas to offset waning demand.

      Shares of the company, known for its car vending machines, were up 12.9 after the bell.

      The outlook comes days after Carvana said it would lay off about 2,500 employees, or 12 of its workforce, as part of its efforts to return to profitability following poor quarterly performance.

      Demand for used cars has waned on the back of skyhigh prices and supply shortages, with Carvana saying it did not see the typical seasonal demand during the first quarter this year.

      Carvana, which recorded about 220 million in capital expenditure for the first quarter, plans on slashing its budget every quarter until it reaches about 50 million in the fourth. It plans on maintaining that figure each quarter, so it could post “significant” positive EBITDA for 2023.

      The company also said it would rapidly reduce its selling, general and administrative expense per car sold and maintain a balance between its sales volumes and staffing levels.

      Carvana raised 1.25 billion in an equity offering last month, with its shares losing more than half their value since.

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.