Tempe-based Carvana lays off 1,500 more employees as company's losses grow

Carvana Co., the once-high-flying online seller of used vehicles known for its car"vending machines," announced the layoffs of 1,500 people late last week, its second major workforce reduction this year.

"We believe these decisions, while extremely difficult, will help Carvana achieve its financial goals," the company's statement added. Ironically, Carvana over the first nine months of 2022 sold more vehicles than over the same stretch last year — about 325,300 used cars and trucks compared with 312,200. But sales did turn lower in the most recent quarter.

Seth Basham, an analyst covering the stock for brokerage Wedbush, said the company still hasn't shown signs of stabilization, and he feels the liquidity situation could get worse.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

99 Bay Area companies named in Deloitte's Technology Fast 500 list, including its No. 1A biotech company that developed an early covid-19 treatment is on the list, as well as a couple of social media companies, a cannabis marketplace, a video conferencing giant and a logistics software company.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

S&P 500 futures are little changed ahead of more retail earnings before the Thanksgiving holidayStock futures rise slightly ahead of more retail earnings before the Thanksgiving holiday
Source: CNBC - 🏆 12. / 72 Read more »