W - Wayfair pops as Americans continue to buy beds blenders & bar stools

2023-08-03 09:36:57 ET

Wayfair ( NYSE: W ) rose 12% on Thursday morning after quarterly earnings beat estimates.

Q2 non-GAAP EPS of $0.21 beat the average analyst estimate by $0.93, while revenue of $3.17B beat by $70M.

"We laid out a plan to strengthen our business that included a path to sustainable and growing profitability with several key milestones. For the past few quarters, you've seen us execute against that plan — to lower our costs, focus on the basics and earn more customer and supplier loyalty,” Chief Executive Officer Niraj Shah said in a statement.

“I'm pleased to share today that we've passed one of our key milestones and we are reporting positive adjusted EBITDA and positive free cash flow.”

Wayfair ( W ) saw revenue surge amid pandemic stay-at-home mandates, with millions of Americans taking the opportunity to move abodes or refurnish and gussy up new home offices. Quarterly revenue and profit have subsided over the past two years as the world reopened.

For the second quarter, the furniture retailer said gross profit was $985M, compared to $896M a year earlier. Non-GAAP Adjusted EBITDA was $128M.

W is up 122% so far this year.

More on Wayfair:

• Wayfair Non-GAAP EPS of $0.21 beats by $0.93, revenue of $3.17B beats by $70M
• Wayfair rallies after Piper Sandler turns bullish just ahead of earnings
• Wayfair, DoorDash and Chewy shine in e-commerce data check

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