Why Chewy Stock Got Bit Today
Online pet products retailer Chewy (NYSE: CHWY) reported its second-quarter 2021 earnings last night, and shareholders were left whimpering. Chewy shares were down more than 10% Thursday morning and remained down almost 9% as of 12:20 p.m. EDT.
The stock dropped due to three items from the quarterly report. The company reported a larger-than-expected quarterly loss, missed analyst estimates on revenue, and provided a disappointing outlook. Though sales grew about 27% compared to the year-ago period, management disappointed investors by holding its full-year guidance steady, anticipating sales growth of about 25.5% for the full year compared to 2020.
Source Fool.com
