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Shares of Carvana Co. rallied 25% in the aftermarket Thursday after the online used-car company narrowed a quarterly loss and said it expects to reach positive adjusted EBITDA in the current quarter.
Carvana CVNA lost $286 million, or $1.51 a share, in the first quarter, compared with a loss of $506 million, or $2.89 a share, in the year-ago quarter. Revenue dropped 25% to $2.61 billion but was at the top of a previous guidance range.
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