Wayfair Inc. shares soared nearly 28% in Tuesday trading after the online home decor retailer reported better-than-expected first-quarter results. Net loss totaled $289.9 million, or $3.04 per share, after a loss of $200.4 million, or $2.20 per share, last year. Adjusted losses were $2.30 per share, ahead of the FactSet forecast for a loss of $2.60. Revenue was $2.33 billion, up from $1.94 billion last year and ahead of the $2.31 billion FactSet outlook. “Millions of new shoppers have discovered Wayfair while they shelter in place at home, and we are seeing strong acceleration in new and repeat customer orders across almost all classes of goods and across all regions,” said Niraj Shah, chief executive of Wayfair, in a statement. Wayfair says the number of active customers increased 28.6% year-over-year to 21.1 million as of March 31. At the end of the quarter, Wayfair had cash and cash equivalents of $891 million. Wayfair stock is up 14.4% over the past year while the S&P 500 index is down almost 2% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.