Carvana Co. may have spooked investors late Wednesday as the online used-car platform saw a drop in its revenue per vehicle sold retail.

Carvana (CVNA) reported fourth-quarter numbers that beat expectations, along with "record" 2024 net income of $404 million, but the stock fell by as much as 9% in the extended session Wednesday.

Carvana made good on its outlook for 2024: It reported earnings before interest and taxes of $1.378 billion; it had called for adjusted Ebitda "significantly above" the $1 billion to $1.2 billion range.

For all of 2025 and the first quarter, the company said it expects "significant growth" in adjusted Ebitda, but it didn't provide a range.

Ahead of the report, analysts at Davidson said it was likely that Carvana was seeing "accelerating growth" in the fourth quarter.

"That's the good news. The risk is that that is already in consensus estimates, and a rich valuation demands more beats and raises."

The stock has gained 13% in the past three months, well above the advance of about 4% for the S&P 500 index SPX. The stock has quintupled in the last 12 months, versus gains of 23% for the broader index.

Then there was Carvana's per-unit revenue for retail vehicles: it fell 4.5% to $22,312 in the quarter, from $23,354 in the fourth quarter of 2023.

Carvana said it sold 114,379 cars retail, as opposed to wholesale, in the fourth quarter, up 50% year on year.

The company reported fourth-quarter adjusted earnings of 74 cents on sales of $3.55 billion, which compare with FactSet expectations of 31 cents on sales of $3.34 billion for the quarter.