Yahoo Finance's breaks down the key takeaways from Carvana's earnings report.
- We've got Carvana's [INAUDIBLE] earnings. Sure is popping here, up just around 11%. Jared, what do you have for us?
JARED BAKER: Yeah, shares are popping because they beat the high estimate on revenue, just blowing it away. Up 200%, year over year. $3.34 billion was their sales for the second quarter. The estimate was for much lower, $2.46 billion. Even the high estimate was $3.11 billion. Also the second quarter net earnings per class a share, $0.26, so that is a profit.
I don't have a comparison number for that. But retail units sold, 107,815. That is an increase of nearly 100% year over year. We know why and we also know that they have pricing power. Sometimes these used cars are selling more than the MSRP on a new one. Total gross profit of 552 million, that's an increase of 268% year over year.
And I do have a quote from Ernie Garcia, he's a founder and CEO of Carvana. "This was a landmark quarter for Carvana. We delivered over 100,000 cars in this quarter, growing 96% versus a year ago. Reported our first positive net income quarter. So there you go on that.
Also, this quarter we were also named to the Fortune 500 list, becoming one of the four fastest companies to ever make that list with organic growth." Well, there you go. Huge beat for Caravana on its top line.
- Up year of 9.5%. Jared [? Baker, ?] Thanks so much.