Wayfair Stock Is Soaring - Here's What's Driving The Move
Portfolio Pulse from Anusuya Lahiri
Wayfair Inc (NYSE:W) reported a Q2 FY23 sales decline of 3.4% YoY to $3.17 billion, beating the consensus of $3.10 billion. International net revenue fell 20.9% to $386 million, while U.S. revenue declined 0.4% to $2.8 billion. The number of active customers decreased by 7.6% YoY. Adjusted EPS of $0.21 beat the analyst consensus of $(0.67). The company held over $1.3 billion in cash and equivalents. Wayfair's shares are trading higher by 8.84% at $79.33 premarket.
August 04, 2023 | 1:25 pm
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POSITIVE IMPACT
Wayfair reported better than expected Q2 FY23 results, leading to a premarket increase in its share price.
Despite a YoY decline in sales and active customers, Wayfair's Q2 FY23 results beat the consensus, which is likely driving the premarket increase in its share price. The company's adjusted EPS also beat the analyst consensus, and it held over $1.3 billion in cash and equivalents, which may be contributing to investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100