Carvana Co. (NYSE: CVNA) has shocked investors with a sudden alteration to its earnings schedule. The company has now decided to reveal its second-quarter results before the US market opens on Wednesday, a move that deviates from the previously scheduled date of August 3.
The late Tuesday statement issued by Carvana did not provide a specific reason for the change, leaving investors speculating about the underlying cause. However, the sudden modification was perceived as unfavorable news on Wall Street, resulting in a sharp decline of the company’s shares by 11% during extended trading hours.
Carvana has been confronted with several challenges, including sizable debt, sluggish sales of used cars, and s significant decline in market value—around 90% from its peak during the pandemic. In early June, company executives acknowledged these difficulties and expressed optimism about improving operations by implementing cost-cutting measures and scaling back growth ambitions.