Shares of Carvana (NYSE: CVNA) fell in pre-market trading on Friday after the used car retailer reported a wider-than-expected loss of $7.61 per share in the fourth quarter versus a loss of $1.02 in the same period last year. This loss was more than thrice analysts’ expectations of a loss of $2.18 per share.
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Revenues declined by 24% year-over-year to $2.84 billion falling short of consensus estimates of $3.15 billion.
Carvana’s outlook remains bleak as management now expects “a sequential reduction in retail units sold in Q1 2023 compared to Q4 2022” and sold on an average of only around 5,600 retail units every week in the first seven weeks of Q1.
Overall, Wall Street analysts are sidelined about CVNA stock with a Hold consensus rating based on two Buys, 12 Holds and one Sell.
