Shares of Carvana Co rose 33% before the bell on Friday after the online used-car retailer forecast a surprise core profit for the second quarter, offering some relief to investors amid solvency concerns around the company.
Carvana shares plunged 98% last year after the company struggled to offload used cars purchased at higher prices during the pandemic as demand fell on affordability concerns.
Carvana, known for its car vending machines, has cut costs and been attempting to restructure its debt, some of which was taken on to buy auction firm ADESA's U.S. physical auction business.
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