Why Is Carvana (CVNA) Stock Up 36% Today?

Carvana (NYSE:CVNA) stock is rocketing higher on Thursday after the used-car retailer posted its earnings report for the first quarter of 2024.Carvana starts its report strong with adjusted earnings per share of 23 cents. That’s a surprise profit compared to Wall Street’s estimate of -74 cents per share. It’s also a major improvement over its Q1 2023 EPS of -74 cents.Revenue coming in at $3.06 billion is another win for CVNA stock. That has it surpassing analysts’ estimate of$2.69 billion for the quarter. ...