Carvana's stock experienced an unprecedented recovery, surging 8,200% in two and a half years. After hitting a low of $4.23 in January 2023, Carvana's share price rose to $350.74, driven by increased demand for used cars, significant operational changes, and impressive Q2 earnings. The company implemented cost-cutting measures and generated $4.84 billion in revenue, with operating income exceeding last year's figures by over 100%. However, the entry of Amazon Autos into the used-car market poses a new competitive threat to Carvana's growth trajectory.
The stock trades at $350.74 per share, fueled by a rebound in used-car demand, cost-cutting measures, and record-breaking second-quarter results with $4.84 billion in revenue and GAAP operating income of $511 million - up over 100% from the year-ago period.
Amazon has expanded its Amazon Autos platform to include used and certified pre-owned (CPO) vehicles, a move that directly challenges Carvana's online used-car empire.
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