W - Why Wayfair Stock Was Soaring Earlier Thursday
2023-08-03 11:00:12 ET
Shares of Wayfair (NYSE: W) were up 17% as of 9:52 a.m. ET on Thursday after the company released a better-than-expected second-quarter earnings report.
The leading online home goods seller reported a 3.4% decline in revenue compared to the year-ago period, but the company saw a return to year-over-year growth in orders delivered, which indicates home goods spending is starting to turn a corner after a year of weak demand.
Wayfair stock was flying high during the pandemic when demand was through the roof. As sales cooled off in 2022 amid high inflation, the stock fell to a cheap valuation of around 0.3 times revenue.
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Why Wayfair Stock Was Soaring Earlier Thursday