Image courtesy of Carvana.
Carvana, an e-commerce platform for buying and selling used cars online that offers a car vending machine, lifted its Q2 2022 revenue over the prior year period, but suffered an earnings decline, according to an earnings release. Highlights include:
- The company boosted its revenue 16% from $3.33 billion in Q2 2021 to $3.88 billion in Q2 2022.
- Net income fell from $45 million to a $439 million loss, according to a letter to shareholders from Ernie Garcia III, chairman and CEO.
- Basic and diluted net loss per share was $2.35.
- The company increased its sale of retail units 9% from 107,815 to 117,564.
Shares traded at $33.54 Thursday against a 52-week range of $19.50-$376.83.
The $3.88 billion in quarterly revenue missed analyst expectations by $110 million while the GAAP EPS of a $2.35 loss missed expectations by 47 cents, according to Seeking Alpha.
«We made significant progress in Q2 across many fronts,» Garcia said in the press release. «We closed our acquisition of Adesa, outlined a new operating plan to quickly adapt to the changing market and drove sequential improvement on all key metrics.»