Carvana Co. said Thursday it recorded a net loss of $806 million in the fourth quarter, bringing its overall financial losses in 2022 to $1.6 billion.
The company’s rising tide of red ink caps off a year of inflationary pressures, rising interest rates, reductions in profit per vehicle and fluctuations in consumers’ used-vehicle demand, all of which were a collective blow to the company.
The online used-vehicle retailer reported revenue of $2.8 billion in the fourth quarter, down 24 percent compared with the same period a year earlier. For all of 2022, Carvana reported revenue of $13.6 billion, up 6.2 percent from 2021.
The Tempe, Ariz., company sold 86,977 vehicles in the fourth quarter, down 23 percent. The profit it made per vehicle retailed tumbled to $2,219, down $2,347 a vehicle from fourth quarter 2021.
