Wayfair sinks after posting a bigger-than-expected loss
- Wayfair shares fell 6% early Thursday after the online retailer's first-quarter loss came in wider than Wall Street expected.
- Wayfair said it had 16.4 million active customers, a 39% jump from the same time last year.
- Shares remain within striking distance of their all-time high set in March.
- Watch Wayfair trade live.
Wayfair, the online home-goods retailer, reported a wider-than-expected loss in its first quarter, sending shares down by nearly 6% early Thursday.
"Our ongoing investments in building our logistics infrastructure, deepening our product offering, and finding new ways to serve our customer are just a few of the many areas that are driving the momentum we are seeing today," CEO and co-founder Niraj Shah said in the release.Here's what Wayfair reported, compared with what analysts surveyed by Bloomberg were expecting:
- Revenue: $1.95 billion versus $1.92 billion expected.
- Adjusted loss per share: $1.62 versus $1.60 expected.
- Adjusted net income: -$147.96 million versus $146.73 million.
Despite the company's quarterly loss, there were some bright spots in the results.
Wayfair said it had 16.4 million active customers in the first quarter, representing a 39% jump from the same period last year. Meanwhile the average order's price tag was $237, a $1 increase versus a year ago.
Notably, the company reported 53.4% of total orders from Wayfair's direct retail business were placed on a mobile device, up from 49.2% in the first quarter of 2018.
Wayfair shares have soared 81% so far this year, hitting an all-time high of $173.72 apiece in March. As of the close on Wednesday, the stock was about 6% below that level.
Now read more markets coverage from Markets Insider and Business Insider:Tesla unveils plan to raise about $2 billion