Carvana's Q2 Profit Exceeds Expectations, Stock Surges.
Carvana, the largest online used car retailer in the US, announced that it expects to report a profit in Q2 2021, causing its stock to surge by over 40%. While the company's Q1 adjusted EPS loss of $1.51 beat analyst expectations, its debt load of $8.7 billion has been a burden on its stock price. However, a debt-for-equity swap offered by bondholders may provide a "potentially BIG lifeline" for Carvana, according to Oppenheimer analyst Brian Nagel.