(Bloomberg) — Carvana Co.’s shares tumbled after the used-car retailer surprised investors with a last-minute change to its earnings plans.
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The company now intends to release second-quarter results before the US market opens on Wednesday, according to a statement late Tuesday. Carvana didn’t say why it moved up the release, which was previously set for Aug. 3.
The change was interpreted as bad news on Wall Street, where the shares fell as much as 11% in extended trading.
Carvana has been grappling with sizable debt, sluggish sales for used cars and a market value that has fallen about 90% from its pandemic peak. Executives said in early June that operations were improving as the company cuts costs and dials back its growth aspirations.
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Source: finance.yahoo.com