Carvana shares soar on upbeat forecast for core profit, retail sales

Carvana's shares jumped nearly 30% after predicting an unexpected increase in retail sales and core profit for the current quarter. This rise comes as consumers shift towards second-hand cars due to high interest rates. The company's performance has significantly boosted its market value, adding approximately $5 billion to its existing $17.6 billion capitalization. Despite market expectations of a sales decline, Carvana also reported first-quarter revenues of $3.06 billion, surpassing estimates and showing robust profit figures.