Carvana- Company to Cut 2500 Jobs

Carvana, the fast-growing used-car seller based in Tempe, announced Tuesday its plans to lay off 2,500 employees.

Carvana operates a network of high-profile vehicle "vending machines" including one at Loop 202 and Scottsdale Road.

Carvana- Company Business Profile

Carvana- Reported $506 Million Loss

Carvana reported a $506 million loss in its first quarter ending March 31, well above red ink of $82 million duriing 2021.

Carvana facing loss despite a 56% jump in revenue to $3.5 billion and a 14% increase in vehicles sold.

Carvana- Vehicle Sold

Carvana- Never Booked Profit in 10 Years

Carvana has never logged an annual profit over its 10 years of existence, preferring instead to plow cash flow into expansion.

The company didn't disclose how many of the 2,500 affected employees work in Arizona or at its headquarters.

Carvana- Didn't Disclosed the Employees

Carvana- Total Employees

Carvana reported around 21,000 full- and part-time employees at the end of 2021.

All impacted team members will have the opportunity to receive four weeks of pay plus an additional week for every year.

Carvana- Four Weeks of Pay

Carvana fired 2500 Employees- Swipe Up!!!

Swipe up for More WebStories related to Tchnology, Gadgets, Finance, & Other Trending News  around the Globe.