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Wayfair Q1 Loss Narrows to $248M, Revenue Beats, Stock Up 19.1%

May 2, 2024, 11:12 AM

Wayfair reported a decrease in losses for Q1, with a net loss of $248 million, improving from the previous year's $355 million. Despite a slight decline in overall sales by 1.6% and U.S. sales by 1.0%, the company saw a growth in active customers by 2.8%. Over the past 12 months, Wayfair accumulated losses of $631 million. The company's stock rose significantly, up 19.1% pre-market, following the announcement that Q1 sales exceeded expectations. Wayfair's revenue reached $2.73 billion, surpassing the expected $2.64 billion. Additionally, the company anticipates second quarter sales to be flat to slightly positive, against an estimated 2% decline. The adjusted loss per share was 32 cents, better than the expected 44 cents, indicating good EPS growth. Wayfair's stock also increased by 3.9% after the earnings release.