What happened

Actions of To bark (NYSE: BARK) jumped higher on Tuesday, adding as much as 31%. As of 3:16 p.m. ET, the stock was still up 29.4%.

The catalyst that rocketed the omnichannel pet-focused retailer was better than expected early results and news that one of the company’s founders would return to the helm.

So what

In a regulatory brief on Tuesday, Bark announced that co-founder and executive chairman Matt Meeker would take over the role of CEO, effective immediately. Outgoing CEO Manish Joneja has resigned in order to “stay closer to his family”, but will serve as an advisor to the company until April “to ensure a smooth transition”.

Image source: Getty Images.

Meeker previously served as CEO of the company for nine years since its inception in 2011. “I look forward to taking over the role of CEO and building on the momentum that Manish and the talented team at BARK have achieved,” said said Meeker. “I believe the next few years will be transformative for Bark as we leverage our scale and our brand to grow our footprint in areas such as food and health initiatives that I am personally passionate about.”

Bark also released preliminary results for its third quarter of fiscal 2022 (ended December 31, 2021). Revenue of $ 140 million jumped 33.1% year-over-year, beating management’s high-end forecast of $ 137 million to $ 139 million. The results also beat analyst consensus estimates, which forecast revenue of $ 137.3 million. The company plans to release its full results sometime in February.

Now what

Bark offers a monthly subscription service to dog owners through its Barkbox, which has a curated selection of toys, treats and other goodies.

Since the company went public last year, the stock has fallen perilously, losing more than 70% of its value. Today’s stock price development shows investors are hopeful that with Meeker at the helm, Bark will become an investor’s best friend.

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