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Wayfair Narrows Q1 Loss, Stock Surges 19%, Beats EPS and Revenue Estimates

May 2, 2024, 05:31 PM

Wayfair Inc. reported a narrowed net loss of $248 million in Q1, an improvement from a $355 million loss in the same quarter last year. Despite a slight decline in overall sales by 1.6% and U.S. sales by 1.0%, the company saw an increase in active customers by 2.8% and good EPS growth. Over the past 12 months, Wayfair has accumulated losses of approximately $631 million. The company's stock price surged by up to 19.1% following the earnings release, reflecting investor optimism as the company beat revenue expectations with $2.73 billion against the $2.64 billion forecast and reported an adjusted loss per share of 32 cents, better than the expected 44 cents. Wayfair also took a $79 million one-time restructuring charge in its efforts to reduce expenses and anticipates 2Q sales to be flat to slightly positive.