Wayfair experienced a decline in sales in the first quarter, but managed to reduce losses by laying off 13% of its workforce at the beginning of the year. Despite this, the company exceeded Wall Street’s expectations in terms of revenue and active customer growth.
Compared to analyst predictions, Wayfair reported an adjusted loss per share of 32 cents, beating the expected 44 cents loss. Revenue also surpassed estimates at $2.73 billion, higher than the anticipated $2.64 billion.
Following these positive results, Wayfair’s shares surged by over 16% on Thursday. The company’s net loss for the quarter ending March 31 was $248 million, or $2.06 per share, an improvement from the previous year’s $355 million loss.
Excluding one-time items, Wayfair reported a loss of 32 cents per share. Sales dipped slightly to $2.73 billion, down from $2.77 billion in the previous year.
Despite the decrease in sales, Wayfair’s strategic measures seem to have paid off, leading to a more positive outcome than expected.
2024-05-02 15:28:17
Original from www.cnbc.com