Carvana Co

Vehicles are seen on a display at a Carvana dealership on February 20, 2023 in Austin, Texas.Brandon Bell | Getty ImagesCarvana shares surged 30% Friday morning after posting its first-ever annual profit and receiving a pair of upgrades by Wall Street analysts.The used-car retailer has been trimming inventory and expenses as it rebounds from the fall-off from a pandemic peak. After Covid drove increased demand for online car sales, the company's stock soared. But after that demand wore off, Carvana was forced to begin…

A Carvana sign and signature vending machine in Tempe, Ariz.Michael Wayland/CNBCPHOENIX – As layoffs and cost cuts roil Wall Street, from retail and shipping to tech and media, embattled online used car sales giant Carvana says its own restructuring is in the rear view.Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. They were crucial moves for the company and its largest shareholders, including CEO and Chairman Ernie Garcia…

The total addressable market for new and used car sales in the U.S. is estimated to be somewhere between $2.5 trillion and $3 trillion, according to the National Automobile Dealers Association.And e-commerce behemoth Amazon is attempting to do what insiders say no one has been able to do yet: bring a seamless online shopping experience to a complex and highly regulated industry.Last month, the company officially began its pilot program to allow a small number of Hyundai dealers to sell vehicles through the Amazon platform…

Amazon next year will allow auto dealers to sell cars through its site, starting with South Korean automaker Hyundai, the company said Thursday.The company has slowly muscled its way into the car-buying business over the years, launching digital showrooms on its site for shoppers to research and compare vehicles, but not purchase them directly through Amazon. Consumers can also buy car products, such as replacement parts, through its site.Beginning in 2024, Amazon will let shoppers purchase a new car online, then pick it…

A Carvana glass tower sits illuminated in Oak Brook, Illinois, Feb. 23, 2022.Armando L. Sanchez | Tribune News Service | Getty ImagesCarvana has reached a deal with noteholders to reduce the used car retailer's total debt outstanding by over $1.2 billion, the company said Wednesday.Carvana said the agreement will eliminate more than 83% of Carvana's 2025 and 2027 unsecured note maturities and lower its required cash interest expense by more than $430 million per year for the next two years.Shares of the company soared 30%…

A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois.Armando L. Sanchez | Tribune News Service | Getty ImagesShares of online used-car retailer Carvana surged on Thursday after the company said its second-quarter results would likely come in ahead of its earlier expectations as cost-reduction measures take hold.Shares were up almost 60% in late afternoon trading.Carvana said it now expects to report adjusted earnings before interest, tax, depreciation, and amortization, or EBITDA, of more than…

A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois.Armando L. Sanchez | Tribune News Service | Getty ImagesCarvana on Thursday said it expects to achieve positive adjusted earnings during the second quarter of this year — earlier than many anticipated — as the used car retailer executes a restructuring focused on cost-cutting and profits over growth.The stock was up by more than 25% in extended trading Thursday to above $9 a share. Carvana closed Thursday at $7.20 per share.The company, which…

A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois.Armando L. Sanchez | Tribune News Service | Getty ImagesShares of Carvana popped during early trading Wednesday after the embattled used car retailer pre-announced guidance for the first quarter and released plans to restructure some of its $9 billion debt load.The company's stock increased by nearly 30% Wednesday morning before leveling off at around $9.50 a share, up roughly 20%. The stock has more than doubled this year following a rapid…

General Motors and Netflix partnered for a 60-second ad starring actor and comedian Will Ferrell driving GM electric vehicles in popular Netflix shows and movies to promote the streaming service using more EVs in its productions.ScreenshotAutomakers — historically among the largest Super Bowl advertisers — are mostly bypassing this Sunday's NFL championship game to preserve cash or spend ad dollars elsewhere.The only automakers expected to advertise during Sunday's game between the Philadelphia Eagles and Kansas City…

Brendan McDermid | ReutersCheck out the companies making headlines in midday trading.Goldman Sachs — Shares of the Wall Street investment bank shed more than 7% after it reported its worst earnings miss in a decade. Goldman Sachs missed analysts' estimates on both the top and bottom lines, with loan loss provisions coming in higher than expected.Morgan Stanley— The bank stock jumped 6% after the firm reported fourth-quarter earnings that exceeded Wall Street expectations. The results were boosted by the bank's record…