What happened

Shares of Carvana (CVNA -5.02%), an online car-buying platform that offers as-soon-as-next-day delivery or pickup from a number of automated car vending machines, are soaring more than 20% higher Thursday morning after the company produced a solid second quarter.

So what

It seems as if every quarter, Carvana stock soars after the company releases impressive growth figures, and this second-quarter report is no different. Carvana notched its 22nd consecutive quarter of triple-digit revenue growth and record total gross profit per unit (GPU). More specifically, revenue increased 108%, compared to the prior year, to $986.2 million. Total GPU, adjusted to exclude employee share gifts, reached $3,175 -- an impressive jump from the prior year's $2,173 and ahead of its midterm goal of reaching $3,000. Adjusted net loss per Class A share checked in at $0.40, and both revenue and adjusted net loss were better than analysts anticipated.

"These milestones are the result of our continued focus on delivering exceptional customer experiences and the strong execution of our teams," said Ernie Garcia, founder and CEO of Carvana, in a press release.

Carvana's 19th car vending machine. It's eight stories tall and holds 27 vehicles.

Carvana's 19th car vending machine, eight stories tall and holding 27 vehicles. Image source: Carvana.

Now what

A strong quarterly report from Carvana wouldn't be complete without an increase in guidance. Management now expects full-year 2019 retail unit sales in the range of 167,500 to 172,500 (up 2,500 units on both ends of the range), revenue in the range of $3.6 billion to $3.7 billion (roughly an increase of $100 million on both sides of the range), and GPU between $2,650 and $2,850 (up $200 per unit on each end of the range). Management's focus will continue to be on expanding efficiently while trying to narrow losses and eventually drive profitability.