Wayfair (NYSE:W) earnings for the first quarter of 2020 have W stock flying high Tuesday. That’s thanks to the company reporting a non-GAAP diluted loss per share of $2.30, beating Wall Street’s estimate of $2.61. Also, the company’s revenue of $2.33 billion comes in above analysts’ estimates of $2.31 billion.
On a GAAP basis, Wayfair reported a per-share loss of $3.04 for the quarter.
Now, let’s take a closer look at the online retailers earnings report:
- Adjusted per-share losses for the quarter declined 42% from $1.62 during the same time last year.
- Net revenue is sitting 19.8% higher than the $1.94 billion from year-ago period.
- Operating loss of $262.07 million is 35.4% lower year-over-year than $193.63 million.
- Wayfair’s earnings report reveals a net loss of $285.87 million.
- That’s a 42.7% decrease compared to its net loss of $200.39 million from the same period of the year prior.
Niraj Shah, CEO, co-founder and co-chairman of Wayfair, said this about his company’s report:
“During this unprecedented time, we are working tirelessly to serve our customers across two continents. We are also working hard to help our communities with donations, emergency supply of goods, and logistics support. Both our frontline and corporate employees have adapted quickly and seamlessly to new processes and protocols to continue to serve strong demand, while keeping our customers, employees, and communities safe.”
The company’s release does not include its fiscal 2020 guidance. That said, Wall Street’s estimates for 2020 include per-share losses of of $8.67 on revenue of $10.95 billion
Wayfair ended the day Tuesday up 23.7%.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
