Carvana reports Q1 record financials, net income of $49M, EBITDA $235M, stock up 30%, and 17% QoQ revenue growth to $3B.

Carvana, a US-based e-commerce platform for buying and selling used cars, reported record first-quarter financial results, with net income of $49 million and an adjusted EBITDA of $235 million. The company's stock price surged over 30% following the announcement. Carvana sold 91,878 retail units in Q1 2024, resulting in a 17% increase in total revenue compared to the previous year, exceeding $3 billion. The company aims to focus on profitable growth and aims to become the largest and most profitable auto retailer, selling millions of cars.