Carvana's stock surges as revenue tops Street view

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Carvana Co. CVNA, +1.05% shares rallied in the extended session Wednesday after the car-buying website's quarterly revenue results and outlook topped Wall Street estimates. Carvana shares surged 12% after hours, following a 0.2% decline to close the regular session at $47.06. The company reported a second-quarter loss of $11.3 million, or 41 cents a share, compared with $14.5 million, or 28 cents a share, in the year-ago period. The adjusted net loss was 37 cents a share. Revenue rose to $475.3 million from $209.4 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 34 cents a share on revenue of $424.1 million. Carvana estimates revenue of $480 million to $520 million for the third quarter, and $1.85 million to $1.95 billion for the year. Analysts expect revenue of $479 million for the third quarter, and $1.8 billion for the year.