Shares of Chewy (CHWY) surged in after hours trading on its positive earnings report for the quarter. Dania Beach, Florida-based company said it had net income of 5 cents per share. Earnings, adjusted for stock option expense, came to 11 cents per share.
The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
The online pet store posted revenue of $2.04 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.96 billion.
For the year, the company reported that its loss narrowed to $92.5 million, or 23 cents per share. Revenue was reported as $7.15 billion.
Chewy shares have declined 11% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $80.38, more than doubling in the last 12 months.