Why Is Carvana Stock Falling After Hours?

Carvana Co (NYSE: CVNA) shares are volatile in Thursday's after-hours session after the company reported fourth-quarter financial results.

What Happened: Carvana reported fourth-quarter revenue of $2.84 billion. The company's top-line results were down 24% year-over-year and came in below consensus estimates of $3.09 billion, according to Benzinga Pro.

The company said it sold 86,977 units in the fourth quarter, down 23% year-over-year. It sold 412,296 units for all of 2022, down 3% compared to 2021.

"Nothing worth doing is easy. Building Carvana has been no different. 2022 has reminded us of that again. It has undoubtedly been a challenging time, but like the challenges we have faced before, we are up to the task," said Ernie Garcia, founder and CEO of Carvana.

"Over the next 6 months, we will work to complete an estimated $1 billion in annual cost reduction and we will do it while not only maintaining, but actually improving our customer experiences."

Carvana operates an e-commerce platform for buying and selling used cars. The company will host a conference call to discuss these results at 5:30 p.m. ET.

See Also: Block Shares Are Tumbling After Hours: What's Going On?

CVNA Price Action: Carvana has a 52-week high of $156.68 and a 52-week low of $3.55.

Carvana shares were down 0.79% after hours at $10 at the time of publication, according to Benzinga Pro.

Photo: Tony Webster from Flickr.