Wayfair News: Why W Stock Is Moving 4% Higher Today

Wayfair (NYSE:W) is making news on Tuesday after the release of its earnings report for the third quarter of 2020 sent W stock higher. That’s thanks to its adjusted earnings per share of $2.30 stomping Wall Street’s estimate of 80 cents. The home decor company’s revenue of $3.84 billion also easily beat out analysts’ estimates of $3.65 billion.

The Wayfair (W) logo on the screen of a mobile phone with a purple background

Source: rafapress / Shutterstock.com

Here are some additional highlights worth noting about the Wayfair earnings news.

  • Adjusted per-share earnings are up massively from adjusted per-share losses of $2.23 from the same time last year.
  • Revenue for the quarter comes in 66.5% higher than the $2.31 billion from the third quarter of 2019.
  • Operating income of $221.85 million is a positive change year-over-year from an operating loss of $259.71 million.
  • The Wayfair earnings report also has it bringing in a net income of $173.17 million.
  • That’s much better than the company’s net loss of $272.04 million from the same time last year.

Niraj Shah, co-founder, co-chairman and CEO of Wayfair, said this about the earnings news.

“In the midst of continued uncertainty about the economy and the pandemic, Wayfair delivered another quarter of strong operating and financial results in Q3. Category momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year.”

Wayfair doesn’t include guidance in its current earnings news. Even so, we know what Wall Street is expecting. That includes an adjusted EPS of $2.38 on revenue of $13.87 billion for the full year of 2020.

W stock was up 4.2% as of Tuesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/wayfair-news-sends-w-stock-soaring/.

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