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Chewy Q2 results beat Wall Street estimates

The e-commerce pet-care retailer Chewy Inc. (NYSE: CHWY) reported better-than-expected second-quarter results on Thursday. The strong results are boosted after the pet adoptions have also been spiking during this Coronavirus pandemic period.

Chewy Q2 results beat Wall Street estimates

The e-commerce pet-care retailer Chewy Inc. (NYSE: CHWY) reported better-than-expected second-quarter results on Thursday. The strong results are boosted by the pet adoptions have also been spiking during this Coronavirus pandemic period. The company revenue climbed 47% to $1.7 billion from $1.15 billion a year ago.

  • Earnings per share (EPS) -$.8 vs. -$.15 expected

  • Revenue $1.7 billion vs. $1.69 billion expected

“We are proud of our teams, who continued to execute under difficult, pandemic-related circumstances, while again setting new records for both net sales growth and new customer additions” -stated Sumit Singh, CEO of Chewy.

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Chewy shares gained more than 100% since the beginning of the year. On Thursday, the stock dropped around 3% and closed at 59.69 and during the after-hours trading, the shares fell another 1% after pet food retailer reported new sales per active customer totalled $356 for the second quarter, which is below the estimate of $365.

 

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McAfee shares open below IPO price of $20

McAfee shares open below IPO price of $20

Cybersecurity firm McAfee returned to Wall Street on Thursday and it commenced trading on the Nasdaq under the ticker symbol “MCFE”. In this IPO transaction, McAfee sold 37 million shares and raised $740 million in funds. McAfee is an antivirus software provider that provides cyber security solutions for data centers and cloud services.

Snap stock hits all-time high today. Here’s why

Snap stock hits all-time high today. Here’s why

Snapchat's parent company Snap Inc (NYSE: SNAP) shares surged more than 20% on Wednesday in pre-market trading after the company reported better-than-expected third-quarter financial results. The Social media company registered a 52% increase in revenue at $679 million in its third quarter.