Used-car retailer Carvana cuts another 1,500 jobs
Its stock price has fallen 97% in just the past yearUsed-car retailer Carvana Co is cutting another 1,500 jobs, or 8% of its workforce, the company said on Friday, at a time when demand forThe company, whose shares were down 5.4% in late morning trade, has missed expectations for adjusted earnings in the last five quarters, per Refinitiv data, as expenses soared and demand for used cars dipped. Its stock price is down 97% in the past year.
Carvana best known for its automated car vending machines, earlier this year laid off around 2,500 employees, or 12% of its workforce, in a bid to cut costs among its other measures.
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