Why Carvana Stock Just Jumped 34%

Don't make the mistake of thinking Carvana is profitable now. It isn't.Carvana (CVNA 34.90%) reported its earnings results for the first quarter of 2024 last night, and the crowd went wild.Shares of the used car "vending machine" company soared 34% through 10:20 a.m. ET on results that easily beat expectations. Instead of the $2.7 billion in sales that Carvana was expected to report, the company did$3.1 billion. And instead of losing money as Wall Street expected, Carvana earned a surprise $49 million prof ...