Wayfair Inc (NYSE:W) stock was hit hard on Tuesday after the company reported its earnings for the second quarter of 2016.
Wayfair reported a net loss of 43 cents per share for the second quarter of 2016. This is worse than the net loss of 15 cents per share that the company reported during the second quarter of 2015. It was also below the net loss of 41 cents per share that Wall Street was expecting.
Wayfair’s revenue for the second quarter of 2016 came in at $786.92 million. This is a 60% increase over the $491.75 million that was reported by the company during the same time last year. It was also better than the $782.41 million that analysts were looking for this quarter.
The home furnishings company reported a net loss of $48.3 million during the second quarter of 2016. It also reported a negative cash flow of $19.4 million. Its cash, cash equivalents, and short-term and long-term investments were sitting at $353.5 million at the end of the second quarter of 2016.
Direct Retail revenue reported by Wayfair during the second quarter of 2016 was $755.7 million. This is a $315.4 million, or 71.6%, increase from the same time last year. It also said that active customers in this segment reached 6.7 million. This is a 65% increase from the second quarter of 2015.
The company also noted that repeat customers placed 57.6% of total orders in the second quarter of 2016. This is a slight increase from the 56.6% of orders from repeat customers in the second quarter of 2015. These same customers were responsible for 1.7 million orders in the second quarter of the year, which is up 52.1% year over year.
W stock was down 18% as of Noon Tuesday.
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