After Hours Action: Why Chewy Stock Is Soaring

Chewy Inc CHWY shares rose in Wednesday’s after-hours session after the company reported strong financial results.

Chewy said first quarter revenue rose 13.7% year-over-year to $2.43 billion, surpassing the $2.42 billion estimate, according to data from Benzinga Pro. The company reported Adjusted EBITDA of $60.5 million, down 21.8% year over year.

Net income for the quarter was $18.5 million with a gross margin of 27.5%.

“Going forward, Chewy’s value proposition is as compelling as ever and we continue to innovate vigorously, attract customers with high lifetime values, drive engagement and capture a bigger chunk of the wallet,” said Sumit Singh, CEO of Chewy.

Management will hold a conference call at 5:00 PM ET to discuss quarterly results.

CHWY Price Action: Chewy shares have traded between $22.22 and $97.74 over a 52-week period.

The stock rose 20.7% after hours to $28.46 at the time of writing.

Photo: Congerdesign from Pixabay.

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