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Benzinga
Benzinga
Business
Adam Eckert

Carvana Shares Are Falling: Here's Why

Carvana Carvana Co. (

Carvana Co (NYSE:CVNA) shares are trading lower after the company reported financial results and announced a $1 billion common stock offering. 

Carvana said first-quarter revenue increased 56% year-over-year to $3.5 billion, which beat the $3.39 billion estimate, according to data from Benzinga Pro. The company reported a quarterly net loss of $506 million.

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