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Wayfair stock slips after wider-than-expected loss and drop in active customers, but revenue beat forecasts

Shares of Wayfair Inc. (W) slipped 0.6% in premarket trading Thursday, after the online home furnishings company reported a wider-than-expected second-quarter loss and a drop in active customers, citing a "difficult macroeconomic environment," while revenue topped forecasts. The company swung to a net loss of $378 million, or $3.59 a share, from net income of $131 million, or $1.14 a share, in the year-ago period. Excluding nonrecurring items, the adjusted loss per share of $1.94 missed the FactSet loss consensus of $1.90. Revenue dropped 14.9% to $3.28 billion, above the FactSet consensus of $3.20 billion. Active customers of 23.6 million as of June 30 was down 24.1% from last year and below the FactSet consensus of 23.7 million. Orders per customer fell 5.6% to 1.85, but average order value increased 18.7% to $330. The stock, which closed Wednesday at a three-month high, has tumbled 29.0% over the past three months through Wednesday, while the S&P 500 index has declined 3.4%.

-Tomi Kilgore


(END) Dow Jones Newswires

08-04-22 0728ET

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