Carvana's Stock Surges on First Annual Profit and Upbeat 2024 Outlook

Carvana's stock surged up to 40% after the company reported its first annual profit and issued strong guidance, with net income of $150 million for 2023. The company's aggressive focus on achieving profitability and restructuring its debt has led to a turnaround, with short sellers facing significant losses. Analysts have upgraded the stock, but some remain cautious about long-term visibility and the company's ability to maintain elevated unit economics once returning to growth.