Carvana shares spiked over 60% in what is a record jump for the auto retailer which, several months ago, was speculated as a bankruptcy candidate due to its debt. On Wednesday, the company reported its gross profit per unit is expected to be above $6,000 [non-GAAP] - which is a new record and 63% higher than the same-period a year ago.

"Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”