Wayfair Shares Hit Over One-Year High After Smaller-Than-Expected Loss

August 4, 2023

Wayfair Inc’s shares surged by as much as 24% to reach their highest level in over a year after the online furniture retailer reported a smaller-than-expected second-quarter loss. Despite a 3.4% decline in net revenue to $3.2 billion, Wayfair’s cost-cutting measures and increased orders resulted in a net loss of $46 million, beating analysts’ expectations of a $74 million loss. The company’s gross profit rose by nearly 10% due to a decrease in the cost of merchandise sold, leading to positive reactions from analysts who upgraded Wayfair’s stock and raised their price target to $100 per share.

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