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: business, breaking news: earnings, business news, breaking news: business, retail industry, earnings, wayfair inc,
Source: https://www.cnbc.com/2024/05/02/wayfair-w-earnings-q1-2024.html