Carvana Co (NYSE: CVNA) reported second-quarter results before the market open Wednesday. Despite also announcing an offering of up to $1 billion, the stock is soaring. Jim Cramer says it’s GameStop Corp (NYSE: GME) all over again.
What Happened: Carvana reported second-quarter revenue of $2.97 billion, which beat analyst estimates. The used car retailer said gross profit per unit increased 94% year-over-year to $6,520 and the company guided for positive adjusted EBITDA in the third quarter.
Carvana also announced an agreement with noteholders to reduce total debt, extend maturities and lower near-term cash interest expenses. Furthermore, the company said it may offer and sell up to 35 million shares of its common stock …
