U.S. Stock Movement | Q3 Earnings Per Share Below Expectations, Carvana Plummets Over 10%

On Thursday, Carvana's stock plummeted over 10% in early trading, hitting a new four-month low at $317.22. In terms of news, the company's overall revenue for the third quarter increased by 54.5% year-on-year to $5.65 billion, exceeding analysts' average expectation of $5.08 billion; earnings per share were $1.03, which was below analysts' expectations of $1.30. Retail sales reached a record 156,000 vehicles, a year-on-year increase of 44%. The company expects retail sales in the fourth quarter to exceed 150,000 vehicles and anticipates that adjusted EBITDA for the full year will reach or exceed the previously announced upper limit of $2 billion to $2.2 billion