E-commerce retailer Wayfair reported second-quarter results early Thursday that missed earnings estimates but slightly beat on revenue as active customers declined. Wayfair stock dropped.
The company reported a wider-than-expected adjusted loss of $1.94 a share on revenue of $3.3 billion. Analysts had predicted Wayfair would report a loss of $1.90 a share on revenue of $3.2 billion, according to FactSet.
Wayfair stock fell 2.4% to close at 62.91 on the stock market today.
Revenue dropped 15% from the year-ago period. Active customers reached 23.6 million, down 24%.
In addition, orders delivered in the second quarter fell 28% to 10 million. Repeat customers placed 7.8 million orders, down 26%.
Wayfair Stock: A Tough Macroeconomic Environment
"During a difficult macroeconomic environment, we remain squarely focused on our customers and our suppliers, and on making sure Wayfair is their preferred platform for the home," Chief Executive Niraj Shah said in written remarks with the Wayfair earnings release. "We are tightly controlling our many levers and steering Wayfair in a financially responsible manner through this period."
Boston-based Wayfair runs a variety of websites. 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.
Wayfair stock has an ultraweak Relative Strength Rating of 5 out of a possible 99.
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