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Wayfair shares surge 10% after furniture retailer cuts losses by more than $100 million - TL;DR CNBC

Wayfair shares surge 10% after furniture retailer cuts losses by more than $100 million

Publishing timestamp: 2024-05-02 10:26:08


Summary

Wayfair's sales fell in the first quarter, but the furniture retailer narrowed its losses by more than $100 million after cutting 13% of its staff. The company beat Wall Street's expectations on top and bottom lines and saw active customers grow nearly 3% compared with the year-ago period. Despite the sales drop, Wayfair's CEO struck a positive note, mentioning an upswing in the quarter. The company is still working towards profitability after implementing a series of layoffs.


Sentiment: MIXED

Tickers: W

Keywords: businessbreaking news: earningsbusiness newsbreaking news: businessretail industryearningswayfair inc

Source: https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html


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