{"id":43555,"date":"2023-02-24T00:02:27","date_gmt":"2023-02-24T05:02:27","guid":{"rendered":"https:\/\/autosector.com\/?p=43555"},"modified":"2023-02-24T00:02:27","modified_gmt":"2023-02-24T05:02:27","slug":"carvana-fourth-quarter-losses","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=43555","title":{"rendered":"Carvana’s losses deepen times 9 – Autoblog"},"content":{"rendered":"

Car<\/span>vana said on Thursday its net loss rose over nine-fold in the fourth quarter hurt by shrinking demand for pre-owned<\/a> vehicles, sending its shares down 5% in extended trade.<\/p>\n

The debt-laden used\u00a0car\u00a0<\/span>retailer has been struggling to sell\u00a0car<\/span>s it acquired at elevated rates last year when semiconductor shortages hampered supply of new\u00a0car<\/span>s.<\/p>\n

Car<\/span>vana, known for its automated\u00a0car\u00a0<\/span>vending machines, allowed users to buy used\u00a0car<\/span>s online and offered home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes.<\/p>\n

However, demand of used\u00a0car<\/span>s has cooled following an improved availability of new\u00a0car<\/span>s and as people look for alternative means to commute in an attempt to trim expenses with a higher interest rates.<\/p>\n

The company reduced its inventory by 27% in the quarter, and said it would reduce inventory and advertising<\/a> spend further in the first quarter as it looks to normalize its inventory size in a “high depreciation<\/a> environment.”\u00a0<\/p>\n

Car<\/span>vana posted a fourth-quarter net loss of $806 million, or $7.61 per class A share, up from a loss of $89 million, or $1.02 per class A share, a year earlier.<\/p>\n

The Tempe, Arizona-based company’s revenue fell nearly 24% to $2.84 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carvana said on Thursday its net loss rose over nine-fold in the fourth quarter hurt by shrinking demand for pre-owned vehicles, sending its shares down 5% in extended trade. The debt-laden used\u00a0car\u00a0retailer has been struggling to sell\u00a0cars it acquired at elevated rates last year when semiconductor shortages hampered supply of new\u00a0cars. Carvana, known for its […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2],"tags":[],"class_list":["post-43555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/43555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43555"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/43555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43555"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}