Carvana plans to lay off about 1,500 employees, 8% of workforce

Shares of Carvana Co. extended their losing streak a third session as a spokesperson with the online used-car retailer confirmed it plans to lay off 1,500 employees, or about 8% of its workforce. Carvana would join companies such as Amazon.com Inc. and Facebook parent Meta Platforms Inc. in making deep job cuts on concerns about an economic downturn. Carvana earlier this month posted mixed third-quarter results, reporting a wider quarterly loss and sales that met Wall Street expectations. At the time, the company said that the economy “remains uncertain,” but that it was focused on “driving the business to profitability.” Carvana said in a statement. The company did not provide an outlook for 2023 “in light of current industry and macroeconomic conditions.” Shares of Carvana have lost nearly 97% this year, compared with losses of around 17% for the S&P 500 index.

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