HomeMarket NewsPetco's Stock Takes a Dive Following Disappointing Q3 Earnings Report

Petco’s Stock Takes a Dive Following Disappointing Q3 Earnings Report

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Petco Health and Wellness Company (NASDAQ:WOOF) experienced a sharp decline in early trading on Wednesday after its Q3 earnings report fell short of estimates and the company provided a full-year profit outlook that failed to meet expectations.

Petco (WOOF) witnessed a 0.5% decrease in revenue year-over-year for Q3, amounting to $1.49B. Despite a 1.8% increase in its consumables business and a 15.0% surge in services and other business, these gains were offset by an 8.8% decline in the supplies and companion animal business compared to the same period last year.

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