How did PET's Q1 2024 earnings surprise analysts?

Wag! Group's (NASDAQ: PET) Q1 2024 earnings fell short of analysts' expectations, with a net income of -$4.24 million and an EPS surprise of -0.02. This disappointing performance was reflected in the company's stock price, which remained at $0.14, representing a 16.67% change from the previous day.

|code|Ticker|Name|Date|Net Income|market_code|
|---|---|---|---|---|---|
|PET|PET.O|Wag! Group|2023 Q2|-3869000|185|
|PET|PET.O|Wag! Group|2023 Q3|-2196000|185|
|PET|PET.O|Wag! Group|2023 Q4|-3465000|185|

The Q1 2024 earnings report revealed that although revenue had grown by 53% year-over-year to $83.9 million, net losses had narrowed by 66% to $13.3 million compared to the previous year. The EPS improved from $2.07 in FY 2022 to $0.35, indicating a significant reduction in losses per share. Despite these improvements, the company's performance in Q1 2024 failed to meet analysts' forecasts, leading to concerns about its short-term profitability and investor sentiment.