Shares of Carvana Co. (CVNA) dropped more than 9% in the extended session Tuesday after the online auto retailer surprised markets by moving forward its quarterly results.
Carvana announced that it will report second-quarter numbers before the bell Wednesday, which is a full two weeks ahead of their previously scheduled release.
Despite its stock rallying more than 700% this year, Carvana’s decision to change the timing of its earnings statement has caused concern among investors.
Analysts polled by FactSet expect Carvana to report a loss of $1.20 a share on sales of $2.6 billion, a significant decrease compared to the same quarter in 2022 when they reported a loss of $2.35 a share on sales of $3.9 billion.
The impressive rally for Carvana is in stark contrast to the modest gains of around 18% for the S&P 500 index this year.
Earlier this week, analysts at J.P. Morgan recommended investors to sell Carvana’s stock, citing a significant “disconnection” from fundamentals once again.
Stay tuned for Carvana’s conference call with analysts, which is scheduled to take place at 8 a.m. Eastern following the release of their second-quarter results.
