Chewy, Inc. (CHWY) shares surged higher following Petco Health and Wellness Inc.’s (WOOF) second-quarter financial results. While Petco missed earnings targets, its sales met expectations, and a cryptic post by ‘Roaring Kitty’ on Reddit sparked meme stock excitement, boosting both Petco and Chewy shares.
Petco, the health and wellness company for pets, reported a second-quarter loss of nine cents per share, missing analyst expectations. However, the company’s revenue of $1.52 billion met estimates and represented a slight increase year-over-year. Despite the loss, Petco remains optimistic about its future and expects improved profitability in the coming quarters.
