How did CVNA's Q1 2024 earnings surprise the market?

Carvana's (CVNA) Q1 2024 earnings report reflected a mixed performance, with some positive and negative surprises relative to market expectations.

1. **Estimate EPS and Revenue**: The market had estimated an EPS of -$0.67 for Q1 2024, but the actual EPS was $0.23, indicating a significant positive surprise.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|CVNA|CVNA.N|Carvana|2023 Q2|-23.583934088568487|2.968E9|169|
|CVNA|CVNA.N|Carvana|2023 Q3|-18.103957471943296|2.773E9|169|
|CVNA|CVNA.N|Carvana|2023 Q4|-14.55763130066972|2.424E9|169|
|CVNA|CVNA.N|Carvana|2024 Q1|17.45970836531082|3.061E9|169|

|code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|CVNA|CVNA.N|Carvana|2023 Q2|76.59574468085107|-0.55|169|
|CVNA|CVNA.N|Carvana|2023 Q3|234.83146067415728|3.6|169|
|CVNA|CVNA.N|Carvana|2024 Q1|115.23178807947019|0.23|169|

2. **Revenue**: While the estimated revenue was $2.68 billion, the actual revenue was $3.06 billion, showing a positive surprise in terms of revenue outperformance.
3. **Profit Expectations**: Carvana had anticipated a core profit of over $100 million in Q1 2024, which was a significant positive signal given the market's expectations and the company's past performance. This expectation was met, adding to the positive surprise.
4. **Stock Reaction**: Following the earnings release, Carvana's stock remained relatively unchanged, which might indicate that the positive surprises were already priced in or that the market had higher expectations for revenue and profitability.

In summary, Carvana's Q1 2024 earnings exceeded market expectations in terms of EPS and revenue, leading to a positive surprise. The company's profitability expectations also aligned well with the actual figures, contributing to a favorable earnings report.