Chewy Inc (NYSE: CHWY) is trading significantly lower Thursday after the company announced worse-than-expected second-quarter financial results.
Chewy reported quarterly revenue of $2.16 billion, which came in below the estimate of $2.17 billion. The company reported adjusted EBITDA of $23.3 million, representing an increase of 50.50% year over year.
Chewy reported a net loss of $16.7 million.
"Customer engagement is growing, and we are confident in our ability to deliver strong results while navigating uncertain market conditions due to the ever-evolving COVID-19 pandemic," said Sumit Singh, CEO of Chewy.
Analyst Assessment: Barclays and Morgan Stanley lowered price targets on the stock following the second-quarter results:
Barclays analyst Justin Kleber maintained Chewy with an Equal-Weight rating and lowered the price target from $93 to $90.
Morgan Stanley analyst Lauren Schenk maintained Chewy with an Equal-Weight rating and lowered the price target from $83 to $81.
CHWY Price Action: Chewy has traded as high as $120 and as low as $51.25 over a 52-week period.
The stock was down 9.62% at $79.02 at time of publication.
Photo by Anna Dahlhaus from Pixabay.
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