Wayfair Inc (NYSE:W) stock took a dive on Thursday following the release of a weak earnings report for the third quarter of 2017.
Wayfair Inc’s poor earnings report for the third quarter of the year starts with losses per share of 65 cents. This is a larger loss than the 54 cents per share reported in the third quarter of 2016. It was also bad news for W stock by coming in below Wall Street’s losses per share estimate of 46 cents for the quarter.
Revenue of $1.20 billion for the third quarter of the year also didn’t do W stock any favors, despite being an increase over the $861.53 million in revenue reported during the same time last year. This is due to analysts estimating revenue of $1.21 billion for Wayfair Inc in the third quarter of the year.
Wayfair Inc also reported a net loss of $76.43 million in the third quarter of 2017. This is worse than its net loss of $60.94 million reported in the same period of the year prior.
“With $1.2 billion in year over year Direct Retail revenue growth during the twelve months ending September 30, we are already quickly outpacing the shift of dollars online in our category and taking a high proportion of market share as customers embrace our exceptional shopping experience,” Wayfair Inc CEO Niraj Shah said in a statement.
Wayfair Inc notes that it is preparing for special deals and offerings for the holiday season. The company will have to perform well to meet Wall Street’s losses per share and revenue estimate of 27 cents and $1.34 billion for the fourth quarter of 2017.
W stock was down 18% as of Thursday morning, but is up 72% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
