Chewy Stock Falls Amid Mixed Earnings Report
Chewy (CHWY) stock dropped by approximately 7.7% as of 11 a.m. ET on the day, following its quarterly earnings report and amid broader market declines due to macroeconomic concerns. The company reported non-GAAP earnings per share of $0.36 in line with expectations and revenue of $3.33 billion that exceeded forecasts by about $10 million. Despite a 7.4% year-over-year sales increase, the stock continued its downward trend, now down roughly 35% for the year. Chewy raised its full-year sales guidance to between $13.46 billion and $13.57 billion from previous estimates of $13.4 billion to $13.55 billion. However, investors remain cautious due to ongoing macroeconomic pressures affecting consumer spending.
Tickers: $CHWY
Topics: Chewy Q2 earnings report S&P 500 performance stock price decline