Carvana's losses deepen times 9

Carvana said on Thursday its net loss rose over nine-fold in the fourth quarter hurt by shrinking demand for pre-owned vehicles, sending its shares down 5% in extended trade.

The debt-laden used car retailer has been struggling to sell cars it acquired at elevated rates last year when semiconductor shortages hampered supply of new cars.

Carvana, known for its automated car vending machines, allowed users to buy used cars online and offered home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes.