Cazoo Stock Is Skyrocketing Over 140% Today: Here's Why

Cazoo Group Ltd CZOO shares are trading higher by 145.37% to $1.18 Tuesday morning after the company reported second-quarter sales up 145% year over year.

What Happened?

Cazoo says vehicles sold were up 124% YoY to 23,955 in second-quarter as the company says their market share continues to grow considerably. Cazoo added that Retail units sold in second-quarter came in at a record 17,033, up 94% YoY despite the tough economic backdrop.

Alex Chesterman OBE, Founder & CEO of Cazoo, commented, "I am very proud of what we have accomplished so far in 2022 as we continue to transform the car buying and selling experience for consumers. We achieved record revenues and retail unit sales in Q2 and grew our market share significantly, despite the tough macroeconomic backdrop, as the consumer shift towards online car buying continues to accelerate.

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According to data from Benzinga Pro, Cazoo has a 52-week high of $10.13 and a 52-week low of $0.45.