ACVA - Why ACV Auctions Stock Trounced the Market Today
2023-05-11 19:02:33 ET
Twin beats were the fuel propelling the stock of ACV Auctions (NASDAQ: ACVA) on the second-to-last day of the trading week. Following the company's announcement of its first-quarter earnings after market hours on Wednesday, investors eagerly lapped up the shares. Consequently, ACV stock was quite the outperformer on Thursday, rising by more than 20%.
For its first quarter, ACV booked revenue of $120 million, up a healthy 16% year over year. The online auto auctioneer's adjusted net loss had another major improvement at $5 million, or $0.03 per share, against the first-quarter 2022 loss of just over $20 million.
Both headline figures topped the average analyst projections. Prognosticators following ACV were estimating the company would earn slightly under $109 million on the top line, filtering down to a per-share adjusted net loss of $0.12.
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Why ACV Auctions Stock Trounced the Market Today