Why Petco Stock Is Skyrocketing Today
Shares of Petco Health and Wellness Company (NASDAQ: WOOF) were skyrocketing 29.6% higher as of 11:29 a.m. ET on Wednesday. The big gain came after the pet retailer announced its second-quarter results following the market close on Tuesday.
Petco reported net revenue in Q2 of $1.52 billion, down 0.5% year over year. The company posted a net loss based on generally accepted accounting principles (GAAP) of $24.8 million, or $0.09 per share. Its adjusted net loss was $5.9 million, or $0.02 per share, which was in line with the average analysts' estimate.
The company looks for net revenue in the third quarter of 2024 of around $1.5 billion, slightly below the consensus estimate of $1.51 billion. It expects an adjusted loss per share of between $0.03 and $0.04. Analysts project an adjusted loss of $0.03 per share in Q3.
Source Fool.com
