Back to market news

Chewy surprises investors with Q1 results: Stock up 25%

Shares of the online pet supplier Chewy (NYSE: CHWY) jumped more than 20% in the extended trading session on Wednesday after the company reported stronger-than-expected Q1 financial results.

Chewy surprises investors with Q1 results: Stock up 25%

Shares of the online pet supplier Chewy (NYSE: CHWY) jumped more than 20% in the extended trading session on Wednesday after the company reported stronger-than-expected Q1 financial results. Chewy’s revenue increased 14%, to $2.43 billion, from $2.14 billion in the year-ago quarter.

  • Earnings per share (EPS) $0.4 vs. -$0.13 expected

  • Revenue $2.43 billion vs. $2.42 billion expected

“Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability,” Chewy CEO, Sumit Singh said.

“Inflationary pressures and supply-chain disruptions are expected to persist and the consumer’s post-pandemic behavior continues to evolve.” – Chewy said.

Chewy now forecasts $10.2 billion to $10.4 billion in revenue this year and the online pet store expects second-quarter revenue in the range of $2.43-2.46 billion.

The chewy stock closed at $23.49 on Wednesday but the stock increased as high as $30 in after-hours trading after the earnings announcement. However, the stock is still down nearly 50% for the year and the stock has dropped by more than 63% over the past 12-months.

ocado

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more

Tesla delivered 254k cars in Q2

Tesla delivered 254k cars in Q2

Elon Musk’s electric vehicle manufacturer Tesla (NASDAQ: TSLA) delivered a total of 250,000 new cars in the second quarter of the year, compared to the first quarter of 2022, the number of deliveries slumped by 18%.

Weekly review: Gold, USD, EURUSD and Dow Jones

Weekly review: Gold, USD, EURUSD and Dow Jones

Global markets started the week on a relatively quiet note on Monday, the volatility is expected to pick up later this week, and the main attractions going to be the FED and ECB meeting minutes. The focus will also turn to the Non-farm payroll report on Friday, which should prompt even more volatility.