Wayfair reported third-quarter results early Thursday that matched earnings estimates but beat on revenue. W stock jumped.
The e-commerce retailer reported an adjusted loss of $2.11 a share on revenue of $2.84 billion. Analysts expected Wayfair to report a loss of $2.11 a share on revenue of $2.8 billion. Revenue dropped 8% from the year-ago period.
W stock jumped 5.2%, closing at to 37.46 on the stock market today.
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.
W Stock: 'Direct Visibility' To Savings
Chief Executive Niraj Shah said in a written statement that Wayfair has "direct visibility" to save more than $500 million in 2023.
"However, we are not stopping there and have identified meaningful incremental efficiency opportunities," Shah said. "Our execution against these initiatives is thoughtful and deliberate to ensure that we make progress toward our profitability targets without compromising the long-term growth potential in front of us."
He added, "We are all focused on taking the steps needed to reach adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) profitability and cash flow neutrality in short order."
W stock has an IBD Composite Rating of 1 out of a possible 99.
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