Carvana Stock Rockets as Profit, Sales Jump on Rising Demand for Used Cars

Key TakeawaysCarvana's quarterly profit soundly beat analysts estimates and it boosted its outlook for the full year, fueled by increased demand for used cars.Carvana's stock price soared more than 20% Thursday after the positive earnings news.The online used-vehicle retailer set records for adjusted EBITDA, adjusted EBITDA margin, and GAAP operating income.Carvana sees full-year adjusted EBITDA "significantly above" the high end of its previous estimate. Rising demand for used cars helped online used-vehic ...