Stocks

Chewy (CHWY) surges on positive earnings quarter

Chewy (CHWY) surges on positive earnings quarter

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.