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E-Commerce Firm Rallies On Earnings Despite Sales Drop

Wayfair (W) reported second-quarter earnings that easily beat views early Thursday, though revenue unexpectedly fell. Wayfair stock rose solidly.




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The home furnishings e-commerce company reported adjusted earnings of $1.89 a share on revenue of $3.86 billion. Analysts expected Wayfair to report earnings of $1.16 on revenue of $3.93 billion, according to FactSet.

Wayfair stock rose nearly 7% during premarket action on the stock market today. Shares hit a seven-month low earlier this week.

Boston-based Wayfair runs a variety of websites, offering more than 18 million items. The sites offer home furnishings, appliances and decor across a number of styles and price points. In addition to Wayfair.com, the company also runs Birch Lane, Joss & Main and Perigold.

The has been a consistent performer during the Covid-19 disruption, having maintained double-digit revenue growth per quarter for several years and triple-digit earnings growth for the past three quarters. However, Wayfair stock is trading at an 8-month low and plowed below its 50-day moving average about a month ago.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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