Carvana Stock Surges on Strong Q2 Earnings Performance
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BTCCSquare news:
Carvana shares rallied 16.7% after the online used-car retailer posted impressive second-quarter results. Revenue jumped 42% to $4.84 billion, surpassing estimates, while adjusted EBITDA soared 70% to $601 million. The company sold 143,280 vehicles, a 41% increase year-over-year.
Operational improvements drove the outperformance, including a 50% expansion of inventory selection and integration of 12 ADESA sites into its logistics network. These enhancements reduced transport costs by 20%, contributing to margin expansion. CEO Ernie Garcia attributed the results to Carvana's vertically integrated model and customer-centric approach.
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