Online used-car dealer Carvana continued its aggressive growth over the last quarter, doubling revenues year-on-year but chalking up another net loss.
The Atlanta-based firm posted $986 million in revenue — an increase from $475 million for the same period last year. The bulk of revenue came from used car sales, with a smaller chunk of $63 million coming from wholesale auctions.
Carvana reported a net loss of $64 million compared to $51 million in Q2 2018.
The company has launched in 52 new markets so far this year — 28 during the last quarter. This brings its U.S. coverage to 137 metro areas at the end of June. The company now has 18 of its signature car vending machines nationwide.
Carvana sold 44,000 vehicles during the quarter — an increase from 22,570 during the same period last year.
Guidance for full-year results was adjusted, with vehicle sales now forecast at 167,500 to 172,500. That’s an increase from 94,108 last year. Revenue is forecast at $3.6-3.7 billion. It was $1.96 billion last year. Carvana predicts it will serve 145 markets, covering two-thirds of the U.S. population, by the end of the year.
After the earnings came out Wednesday evening, Carvana’s share price jumped 23 percent overnight.