Carvana stock jumps after earnings surprise to upside

Carvana (CVNA) stock shot up as much as 12% on Friday after the online used car platform reported a surprise adjusted profit last quarter, even as the number of units sold declined year-over-year.

The Tempe, Arizona based company posted adjusted earnings of $3.60 per share, versus estimates for a loss of 78 cents. Revenue of $2.77 billion came in line with expectations. The company’s total gross profit per unit, or GPU, jumped 70% year-over-year to a record $5,952.