Carvana Co., an e-commerce platform for buying used cars that delivers cars to customers with a massive, coin-operated vending machine, reported a 41% revenue increase in the third quarter ended Sept. 30, 2020 over last year's third quarter to $1.5 billion, based on a 39% boost in cars sold for a total 64,414 cars, according to a press release.

The company's revenue met expectations, but its statutory 10-cent losses per share was 61% below what broker models predicted, according to a Yahoo Finance report.

Company shares traded at $201.20 Thursday against a 52-week range of $22.16-$242.15, according to Seeking Alpha.

Net loss in the quarter was $18 million, an improvement from $92 million over last year's third quarter, according to the release. Total gross profit for the quarter was $261 million, an increase of 90% over last year's third quarter.

Gross profit per unit was $4,056, an increase of $1,093 over last year's third quarter,.

"Third quarter results were incredible," Ernie Garcia, founder and CEO of Carvana, said in a letter to shareholders. "We delivered another quarter of strong growth and crossed many financial milestones."

In light of the uncertainty surrounding COVID-19 the company is not providing guidance at this time.

In Q3, for the first time, the company bought more cars from its customers than it sold. The company acquired 73.400 vehicles from customers, an increase of 128% year-over-year, which resulted in buying 114% as many cars as it sold, up from 69% a year ago. nearly double the previous high.

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