Wayfair's online furniture sales boosted by coronavirus shutdown
Online retailer lost $2.30 a share -- 30 cents better than Wall Street expected
The online furniture company Wayfair announces layoffs.
Wayfair Inc. on Tuesday reported a smaller-than-expected adjusted first-quarter loss as revenue grew by 20%.
The Boston-based online furniture seller reported a loss of $285.9 million, or $3.04 a share, compared with a loss of $200.4 million, or $2.20 a share, for the same period a year earlier.
On an adjusted basis, the company's loss was $2.30 a share. Analysts were expecting an adjusted loss of $2.60 a share, according to FactSet.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| W | WAYFAIR INC. | 38.83 | -0.94 | -2.38% |
Revenue grew 19.8% to $2.33 billion. Analysts had anticipated revenue of $2.31 billion.
WAYFAIR LAYING OFF 550 WORKERS
Chief Executive Niraj Shah said that the Covid-19 pandemic has brought first-time customers to Wayfair's online store as people stay at home during the public-health crisis.
"Millions of new shoppers have discovered Wayfair while they shelter in place at home," Mr. Shah said.