Wayfair Tanks After Reporting Quarterly Loss, Missing Estimates
Shares of Wayfair Inc. (W) are down more than 19% in the morning trade on Thursday after the e-commerce company’s first-quarter loss missed analysts’ view.
The company reported net loss of $319 million or $3.04 per share in the first quarter compared with profit of $18 million or $0.16 per share in the same quarter a year ago.
Excluding one-time items, loss per share was $1.96 per share. On average, 27 analysts polled by Thomson Reuters expected loss of $1.56 per share.
Revenue for the quarter decreased 13.9% year over year to $2.993 billion. The consensus estimate was for $2.99 billion.
Wayfair stock, currently at $72.50, touched a new low of $72.20 this morning.
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