Carvana Rivals Vroom and CarGurus Stocks Plunge After Earnings

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Carvana Rivals Vroom and CarGurus Stocks Plunge After Earnings

MarketWatch2022-08-09

Vroom and CarGurus both disappoint Wall Street a week after Carvana stock shot higher despite weak resultsUsed cars became a hot commodity in the first two years of the COVID-19 pandemic.While Carvana...

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CTJL
·2022-08-09
These are over hype valuations [Facepalm] [LOL]
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Tj23
·2022-08-09
Wow
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(CARG) and Vroom Inc. (VRM) both saw their shares dive in extended trading after issuing quarterly results. CarGurus shares declined 16.4% in after-hours trading, while Vroom shares fell 17.5%.All three were among a throng of companies selling used cars online that went public in recent years, just in time for a surge in interest and sales during the COVID-19 pandemic. As the spreading virus kept people away from public transit, and semiconductor shortages combined with other supply-chain difficulties kept car manufacturers from providing new cars, websites selling used cars became more popular.In year three of the pandemic, though, that dynamic has slowed. Vroom reported that revenue decreased more than 37% to $475.5 million in the second quarter, missing Wall Street's expectations for sales by more than $65 million. 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