Carvana Co. CVNA, +10.91% stock fell nearly 6% in the extended session Thursday after the online used-car retailer posted a wider-than-expected quarterly loss and said that high used-car prices are causing potential buyers to give up or delay buying a vehicle. Carvana said it lost $182 million, or $1.02 a share, in the fourth quarter, compared with a loss of $154 million, or 87 cents a share, in the year-ago quarter. Revenue rose 105% to $3.8 billion, Carvana said. Factset consensus called for a loss of 79 cents a share on sales of $3.5 billion for Carvana. The average used vehicle in Carvana’s inventories increased in price by more than 30%, the company said. “High used-vehicle prices have a significant impact on industry-wide used vehicle sales, since higher prices reduce affordability, leading some buyers to forgo or delay their purchases,” the company said. In addition, the first quarter is likely to be “a tougher quarter” thanks to “supply-chain challenges brought on by the omicron variant and severe winter storms and the recent rapid increase in short-term interest rates,” Carvana said. Shares of Carvana ended the regular trading day up 11%.
