(Reuters) -Used car retailer Carvana said on Thursday that it expects its core profit to be significantly above $100 million in the first quarter of 2024, citing strength throughout its business, sending shares up nearly 14% in after hours.
Carvana added that it expects retail units sold in the current quarter to be “slightly up” from last year.
CEO Ernie Garcia said that the company has a clear path towards its goals of “becoming the largest and most profitable automotive retailer.”
The company’s net loss narrowed to $114 million in the fourth quarter ended Dec. 31, from $806 million in the comparable quarter last year.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Shailesh Kuber)
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