Chewy Stock Drops Over 10% Despite Earnings Beat
Chewy (CHWY) reported fiscal second-quarter earnings in line with expectations and revenue that narrowly beat estimates. However, the company's stock fell more than 10% following the release of its results on Wednesday. The pet-focused e-commerce marketplace posted adjusted earnings per share of $0.36 from revenue of $3.33 billion for the quarter ended August 2. Despite meeting and slightly exceeding financial forecasts, investors reacted negatively to the report, leading to a sharp decline in Chewy's stock price. This suggests that market expectations may have been higher or there were concerns about future performance not reflected in current results.
Tickers: $CHWY
Topics: earnings revenue stock price movement