Wayfair rallies premarket after posting narrower-than-expected Q1 loss

Wayfair Inc.'s stock (W) jumped 11.7% premarket Thursday, after the online furniture retailer posted a narrower-than-expected first-quarter loss and revenue that beat consensus estimates. The company had a loss of $355 million, or $3.22 a share, for the quarter, after a loss of $319 million, or $3.04 a share, in the year-earlier period. Its adjusted per-share loss came to $1.13, narrower than the loss of $1.75 that was the FactSet consensus. Revenue fell to $2.774 billion from $2.993 billion, but was ahead of the $2.737 FactSet consensus. "This was a strong quarter for Wayfair, and we are pleased to be seeing consistent market share gains and a significant improvement in cost structure versus last quarter that gets us to nearly Adjusted EBITDA breakeven in Q1," CEO Niraj Shah said in a statement. The stock has fallen 9% in the year to date, while the S&P 500 has gained 6.5%.

-Ciara Linnane

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05-04-23 0724ET

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