Carvana shares spike 30% as used car retailer posts record first quarter

Carvana's shares surged 30% following a record-breaking first quarter, where they reported significant increases in net income, gross profit per unit, and adjusted earnings. The company's focus on profitability over growth, a shift initiated due to past financial instability, appears to be paying off. This quarter's performance exceeded Wall Street expectations with earnings and revenue surpassing estimates, signaling a robust recovery from previous losses.