Chewy (NYSE:CHWY) stock is a hot topic among traders on Wednesday after the online pet store announced a $500 million share buyback plan.
Chewy notes that this share buyback plan covers its Class A and Class B common stock. It also has no expiration date and doesn’t require the company to buyback a certain number of shares from investors.
Chewy CEO Sumit Singh said the following in a news release.
“Chewy’s value proposition continues to resonate with our customers, and I am proud of the teams at Chewy who are executing flawlessly on our strategic roadmap and the controllable elements of our business.”
CHWY Stock: Q1 Earnings
The Chewy share buyback was announced alongside its Q1 2024 earnings report. That saw it bring in adjusted earnings per share of 31 cents on revenue of $2.88 billion. These are both well above Wall Street’s estimates of 20 cents per share and revenue of $2.84 billion.
Chewy earnings results also represent improvements over the same period of the year prior. EPS is up 11 cents year-over-year while revenue growth comes in at 3.1% from Q1 2023.
CHWY stock is up 26.9% as of Wednesday morning. That comes with some 26 million shares traded. This is well above its daily average trading volume of about 8.8 million shares.
There are plenty more stock market stories that traders are going to want to know about on Wednesday!
InvestorPlace has them covered with all of the hottest stock market news available today! A few examples include what’s going on with shares of AST SpaceMobile (NASDAQ:ASTS), Riot Platforms (NASDAQ:RIOT) and Robinhood Markets (NASDAQ:HOOD) stock. You can catch up on all of this at the following links!
More Stock Market News for Wednesday
On the date of publication, William White did not have (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.
