Wayfair Inc. shares are down 6.2% premarket after the online furniture retailer reported lower-than-expected second-quarter results amid continued macro headwinds.
The company reported a net loss of $42 million, or a loss of 34 cents a share, after a loss of $46 million, or a loss of 41 cents a share, in the prior year’s quarter.
On an adjusted basis, Wayfair reported earnings of 47 cents a share. Analysts surveyed by FactSet were looking for earnings of 48 cents a share.
Wayfair’s second-quarter revenue was $3.12 billion, down from $3.17 billion in the prior year’s quarter. Analysts surveyed by FactSet were looking for revenue of $3.18 billion.
“Q2 was a dynamic quarter that resulted in another period of share gain, amid continued macro headwinds that are pressuring the ways customers are shopping the category,” said Wayfair CEO Niraj Shah, in a statement.
“Customers remain cautious in their spending on the home, and our credit card data suggests that the category correction now mirrors the magnitude of the peak to trough decline the home furnishing space experienced during the great financial crisis.”
