PetMed Express (NASDAQ:PETS) stock is falling on Tuesday after the pet pharmacy announced earnings for its fiscal second quarter of 2023.
That bad news for PETS stock starts with the company’s flat earnings per share for the quarter. That’s below the 1 cents per share that Wall Street was expecting. It’s also a drop from the 13 cents per share reported in the same period of the year prior.
To go along with that, the company’s revenue of $71 million failed to impress investors. That’s due to it missing analysts’ revenue estimate of $76 million. However, it is better than the $65.4 million in revenue reported in the fiscal second quarter of 2022.
Dividend Pause Drags Down PETS Stock
In addition to its lackluster earnings report, PetMed Express also announced that it suspended its quarterly dividend. This decision was made by the company’s Board of Directors and management.
According to PetMed Express, pausing its quarterly dividend will give the company several opportunities. That includes the ability to invest directly in its business. PetMed says this will allow it to focus on organic and inorganic growth initiatives.
PETS stock is down 27.8% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
