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In less than two years, a dramatic turnaround! From facing bankruptcy to a market cap of $50 billion, what did the new darling of the US stock market, carvana, do right?
After two years of cost reduction and efficiency improvement, the online used car retailer carvana's third-quarter report significantly exceeded expectations, with profits hitting an all-time high. Carvana's stock price skyrocketed more than 19% overnight, more than quadrupling since the beginning of this year.