Carvana shares ride higher after first annual profit

Carvana on Thursday disclosed a profit of $150 million for 2023, compared with a loss of about $2.89 billion a year earlier. In July, Carvana signed agreements with most of its term bondholders to effectively cut its outstanding debt by more than $1 billion. "We believe Carvana has optimized operations enough to execute its way through a sideways macro and limit downside to estimates," said J.P Morgan analyst Rajat Gupta.