Shares of the online car-buying company Carvana (NYSE: CVNA) were soaring today after the company released its second-quarter financial results. Although the company missed Wall Street consensus estimates for both its top and bottom lines, investors appeared to focus on its progress in cutting costs and narrowing its losses.
Carvana's shares were up by 32.3% as of 11:15 a.m. ET on Friday.
Revenue increased by 16% from the year-ago quarter to $3.8 billion, but fell below analysts' average estimate of $3.9 billion. The company's adjusted loss of $2.35 per share in the quarter was also worse than Wall Street's expectation of a loss of $1.79, and below the company's earnings per share of $0.26 in the year-ago quarter.
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Why Carvana Stock Is Skyrocketing Today