Chewy (NYSE:CHWY) is seeing shares of its stock take off on Wednesday after reporting earnings for the fourth quarter of 2020 after markets closed yesterday.
Let’s take a look at some of the highlights from that earnings report that have CHWY stock up today.
- To start off with, Chewy reported adjusted earnings per share of 5 cents.
- That beat out Wall Street’s adjusted losses per share estimate of 10 cents.
- Adding to that, revenue for the quarter came in at $2.04 billion.
- This is also better than analysts’ revenue estimate of $1.96 billion for the quarter.
- It’s also worth noting that this is a 51% increase year-over-year from $1.35 billion.
- Net income reported during the quarter came in at $21.5 million.
- That’s a switch from its net loss of $60.94 million in Q4 2019.
- These results are in part thanks to the increase in online shopping due to the novel coronavirus pandemic.
- As a result of that, the company saw its number of users increase 43% in 2020 compared to 2019.
- Another benefit for CHWY stock was 2020 being its first full year of positive adjusted EBITDA.
- To go along with that, Q4 2021 marks the first time the company reported positive positive net income.
Sumit Singh, CEO of CHWY said the following in the earnings report.
“Years of preparation and focus have positioned us as the Internet’s preeminent neighborhood pet store and a leading pure-play e-commerce company in the pet space. We look forward to a future marked by ongoing innovation and to winning customers’ hearts and minds as we grow to become the most trusted and convenient online destination for pet parents (and partners) everywhere.”
CHWY stock saw heavy trading on today’s news. As of this writing, more than 9 million shares have changed hands. For perspective, the stock’s daily average trading volume is roughly 3 million shares.
CHWY stock was up 11.2% as of Wednesday morning.
Chewy isn’t the only company seeing strong gains of late.
There are quite a few stocks also experiencing positive movement recently. Some examples of this include ChargePoint Holdings (NYSE:CHPT), Churchill Capital IV (NYSE:CCIV), and PayPal (NASDAQ:PYPL). Investors can learn more below.
More Stocks Gaining
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- CHPT Stock: The Big EV News That Has ChargePoint Powering Up Today
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.