Carvana stock falls nearly 8% after Q1 miss

Shares of Carvana Co. fell nearly 8% in the extended session Wednesday after the online marketplace for used vehicles posted a wider-than-expected adjusted loss for the first quarter and sales fell short. Carvana said it lost $184 million, or $1.19 a share, in the first quarter, compared with a loss of $23 million, or 56 cents a share, in the year-ago period. Adjusted for one-time items, the company lost $1.18 a share, compared with a loss of 55 cents a share a year ago. Revenue rose 45% to $1.09 billion, Carvana said. Analysts polled by FactSet had expected an adjusted loss of 63 cents a share on sales of $1.13 billion The year was "off to a very strong start, and prior to the COVID-19 outbreak we were on track to meet or exceed our annual guidance on all key financial metrics," the company said. Carvana has withdrawn its guidance and said Wednesday it was not providing one. Shares had ended the regular trading day 6% higher.

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