Chewy (NYSE:CHWY) posted Q2 EPS of $0.15, surpassing the Street projection of ($0.04) by $0.19. The quarter’s revenue totaled $2.78 billion, outperforming the Street estimate of $2.76 billion.

However, the company’s shares plummeted more than 12% on Thursday on the company’s full-year sales forecast that fell short of expectations.

Chewy anticipates net sales for the third quarter to range between $2.74 billion and $2.76 billion. For the entire year, the projected net sales range is $11.15 billion to $11.35 billion. The midpoint of the guidance falls below analysts’ expectations of $2.79 billion for the quarter and $11.31 billion for the year.

Following the results, Evercore ISI lowered its rating for the company from Outperform to In Line and adjusted the price target down by $18 to $35 per share.

The analysts expressed caution, citing a disappointing decline in net additions during Q2, following a modest increase in Q1. They also pointed to the company’s soft outlook for net additions in the second half of the year.

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