Stateside stock news now. Online pet product retailer Chewy (CHWY) surprised investors by reporting better than expected earnings after its shares sank roughly 13% in Tuesday's after-hours trading session.
The company's earnings per share beat analysts' predictions with quarterly earnings of $0.04 vs $0.11 (expected). Revenue rose to $2.43 billion from $2.14 billion, above analysts' expectations of $2.42 billion in sales for the quarter, a 13.7% jump from the previous year. However, the company reported a slight decline in gross margin to 27.5%, with continued concerns on supply chain and inflation issues.
After the company reported strong financial results, Chewy's shares surged 25% in Wednesday's after-hours trading session.
Elsewhere, pandemic stock favourite GameStop (GME) saw its shares drop less than 1% after the company reported its quarterly results, which include revenue of $1.38 billion vs $1.27 billion from the previous year and a loss of $2.08 per share, missing analysts expectations of a $1.45/share.
The video game retailer also recently announced it would soon launch an NFT marketplace. The pivot comes as the NFT market is tanking, but maybe its meme-stock status can look to help build a credible crypto wallet.