Carvana stock drops more than 7% after company's wider Q3 loss

Shares of Carvana Co. dropped more than 7% in the extended session Thursday after the online used-car retailer reported a wider quarterly loss and sales that met Wall Street expectations. Carvana lost $283 million, or $2.67 a share, in the third quarter, compared with a loss of $32 million, or 38 cents a share, in the year-ago period. Revenue fell 3% to $3.4 billion, the company said. Analysts polled by FactSet expected Carvana to report an adjusted loss of $1.90 a share on sales of $3.37 billion. "This economic environment remains uncertain, but we are focused squarely on the goal of driving the business to profitability," Carvana said in a statement. The company did not provide an outlook for 2023, saying that in "light of current industry and macroeconomic conditions, we believe forecasting the environment over the coming months and quarters is difficult." Shares of Carvana ended the regular trading day up 6.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.