Chewy (CHWY) reported third-quarter results late Wednesday that delivered a 45% jump in revenue and a smaller-than-expected loss. Chewy stock initially climbed, then reversed.
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The online provider of pet food and products reported an adjusted loss of 8 cents per share on revenue of $1.78 billion. Wall Street expected an adjusted loss of 14 cents on revenue of $1.72 billion, according to FacSet.
Chewy stock moved up 2.7%, then reversed, down 0.6%, near 78.70, during after-hours trading on the stock market today.
The company held its initial public offering in June 2019, pricing shares at 22 and raising $1.02 billion. Chewy was a spinoff of PetSmart. The company says it’s the largest U.S. online retailer of pet food and supplies.
Chewy Stock Up 172% For 2020
Chewy stock is up about 172% this year. Moreover, during regular hours of trading, Chewy stock climbed 5.8% to close at a record high of 79.15
“Chewy’s relentless focus on execution and inventiveness resulted in record net sales and another quarter of positive adjusted EBITDA,” Chief Executive Sumit Singh said in written remarks with the earnings release.
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