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Carvana Co., an e-commerce platform for buying used cars that delivers cars to customers with a massive, coin-operated vending machine, has announced strong financial results for the quarter ended June 30, 2021, according to a press release.
Net sales rose from $1.12 billion in Q2, 2020 to $3.34 billion in Q2, 2021.
Basic net income rose from a $106 million loss to a $45 million gain in the comparative quarters.
Net earnings per share rose from a 62-cent loss to a 27-cent gain, while diluted earnings per share rose from a 62-cent loss to a 26-cent gain.
The $3.34 billion in revenue beat analyst expectations by $860 million while the GAAP EPS of 26 cents beat expectations by 3 cents, according to Seeking Alpha.
Shares traded at $337 on Thursday against a 52-week range of $158.25-$344.32.
“This was a landmark quarter for Carvana. We delivered over 100,000 cars in the quarter, growing 96% versus a year ago and reported our first positive net income quarter,” Ernie Garcia, Carvana founder and CEO, said in the release.