Shares in Wayfair Inc (NYSE:W) slipped in pre-market trade after the online furniture retailer missed first-quarter market expectations and reported a widening of its net loss.
The company, which sells an array of furniture and household items online, posted a net loss of US$107.8mln or US$1.22 in the quarter, which was far worse than its loss of US$56.5mln or US$0.66 per share in the year ago quarter. On an adjusted basis, its loss amounted to US$0.91, which missed Wall Street’s estimates by a penny.
Its revenue in the quarter came to US$1.4bn, which did beat the consensus estimate of US$1.36bn.
The online furniture retailer’s stock has also been weighed down in recent days on the news that analysts from Wedbush have downgraded its shares to Neutral from Outperform and cut its price target to US$63 from US$90.
In pre-market trade, Wayfair shed 1.8% to US$64.00.