The U.S.-based online used car retailer Carvana reported adjusted losses of $1.51 per share in Q1 2023

The U.S.-based online used car retailer Carvana reported adjusted losses of $1.51 per share in Q1 2023, beating analyst expectations of $2 per share. Carvana expects to become profitable in Q2 2023, thanks to $1B in quarterly cost-cutting and restructuring. The highest first-quarter GPU in company history, Carvana's gross profit per unit surged by 61% YoY to $4,303 in Q1 2023. In the first quarter of 2023, the business sold 79,240 units, above its earlier;estimate of 76,000-79,000 units. The Arizona-based company's net loss decreased to $286M from $506M YoY. Carvana's stock surged 24% to close at $8.96 on Friday, despite its failure to capitalize on the pandemic trend.