Wayfair Inc (NYSE:W, NYSE:) shares fell in early trade as the online home goods retailer’s third quarter sales missed analyst estimates.
Revenue increased by 3.7% or $104 million year-over-year to $2.94 billion, short of the $2.98 billion expected.
US net revenue increased 5.4% to $2.6 billion while international revenue fell by 7% to $372 million.
Wayfair reported an adjusted loss per share of $0.13, beating the Street estimate of a loss per share of $0.44 by $0.33.
Active customers as of September 30, 2023, were 22.3 million which marked a 1.3% decline over the same period last year.
Last 12 months active revenue per customer also fell over the year-ago quarter, down 1.6% at $538.
“Wayfair is now in a place where we can drive profitability while simultaneously investing for growth," Wayfair CEO Niraj Shah highlighted.
"Q3 is one more proof point of exactly that – today we're reporting positive adjusted earnings, before interest, taxes, depreciation, amortization (EBITDA) of $100 million, a second consecutive quarter of positive free cash flow and nearly 4% year-over-year revenue growth driven by strength in orders.”
Wayfair shares traded down 1.7% at US$41.89 mid-morning on Wednesday.
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