Carvana Co (NASDAQ:CVNA) shares are trading lower in Tuesday’s after-hours session. The company moved its earnings report date to this week.
What Happened: Carvana announced that it will report second-quarter financial results before the market opens on Wednesday. Management will hold a conference call to discuss its quarterly results at 8 a.m. ET. The company was previously scheduled to report earnings on Aug. 3.
CVNA shares appear to be reacting negatively to the abrupt earnings report date change. The stock has rallied nearly 70% over the last month and more than 730% since the start of the year.
The surge in shares was sparked by the company’s better-than-expected financial results at the beginning of May, in which Carvana guided for positive EBITDA in the second quarter.
Carvana also raised its second-quarter outlook in early June. The company laid out expectations for adjusted EBITDA of more than $50 million and total gross profit per unit above $6,000.
According to estimates from Benzinga Pro, Carvana is expected to report a second-quarter loss of $1.21 per share on revenue of $2.59 billion.
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CVNA Price Action: Carvana shares were down 8.54% after hours at $36.39 at the time of publication, per Benzinga Pro.
Photo: Tony Webster from Flickr.
