Sam Boughedda

Investing.com — Auto dealer selling used cars online Carvana Co (NYSE 🙂 missed analysts estimates and reported first-quarter earnings following Wednesday’s close. 

On $3.5 billion in revenue, the company posted a $2.89 loss per share. Investing.com asked analysts to forecast a $1.45 loss per share for a revenue of $3.37billion. This quarter they sold 105185 retail units, an increase by 14% YoY.

Carvana claimed that Omicron and high prices for used cars, as well as rapid changes to interest rates and macro factors, had a negative impact on its earnings. These factors had an impact on retail units, volume, and other macro factors. This was Carvana’s primary reason for Q1.

Ernie Garcia is founder and CEO at Carvana.

Carvana stock fell to $83 on Thursday morning after opening lower. Now, it trades at over $88, an increase of more than 4% from Wednesday’s higher close.