The Thursday plunge in shares of Chewy (CHWY),

Chewy, an online pet food retailer (CHWY), was one of many big winners from the pandemic. However, its most recent earnings update disappointed analysts and investors.

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Online pet food retailer Chewy CHWY was one of the big winners of the pandemic, but its latest earnings update disappointed investors and analysts. Even though revenue grew almost 27% over the year, $2.16 million was below expectations. The loss was $0.04 per share, compared with estimates of a loss $0.02.

The Q3 sales guidance was also light. Chewy projects revenue between $2.20 billion and $2.22 billion. Wall Street had expected sales of $2.23 trillion. CNBC spoke with CEO Sumit Singh, who said that the company was still optimistic about its business. He added that net sales per customer increased 13.5% to $404.

Although Chewy’s economic growth was expected to slow as the economy recovers, investors were caught off-guard by the rapid deceleration.

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Publited Fri, 3 Sep 2021 at 01:14.56 +0000

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