Wayfair Inc. (NYSE: W) Wednesday said its second-quarter revenues surged 84% and exceeded the consensus estimate. The home décor company reported a profit for the quarter, compared to a loss last year. The stock moved up soon after the announcement and traded at an all-time high.
Total revenues increased 84% annually to $4.3 billion during the three-month period. Consequently, the company turned to a profit of $3.13 per share, on an adjusted basis, from a loss of $1.35 per share last year.
Unadjusted profit was $273.9 million or $2.54 per share, compared to a loss of $181.9 million or $1.98 per share in the second quarter of 2019. Both earnings and revenues topped expectations.
At the end of the quarter, the company had 25.98 million active customers, up 46% from the same period of last year. Meanwhile, net revenue per active customer dropped 1.6% to $440.
“We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair. Our proprietary logistics network, strong supplier partnerships, and nimble and dedicated team of more than 16,000 employees enabled Wayfair to consistently serve our customers at a time they needed us most, both in North America and Europe,” said Wayfair’s CEO Niraj Shah.
Shares of the company rose about 3% on Wednesday morning immediately after the announcement, after closing the previous session higher. The value more than doubled in the past twelve months and reached an all-time high this week.
Fewer companies filed for initial public offering this year, compared to 2021 when the market witnessed a record number of IPOs. With only a few weeks left for the year
Chipotle Mexican Grill (CMG): A few points to keep in mind if you have an eye on this restaurant chain
Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) were down 3% on Tuesday. The stock has dropped 13% year-to-date but there is still a positive sentiment in general about its
The cloud infrastructure market in the U.S. is projected to grow by double digits through 2030. The fast-paced cloud adoption has made leading tech firms like Oracle Corporation (NYSE: ORCL)