Shares of Wayfair plunged as much as 12% Thursday after the company reported a double-digit gain in revenue, but a greater-than-expected loss for the first quarter of the year.
plunged as much as 12% Thursday after the company reported a double-digit gain in first-quarter revenue, but losses widened amid high costs.
Wayfair's loss widened to $200.4 million, or $2.20 a share, from $107.8 million, or $1.22 a share, during the same period a year earlier. On a pro forma basis, it lost $1.62 a share, but that was steeper than the $1.60 a share loss analysts were expecting. Although its number of repeat customers rose from a year ago and the average order value crept up to $237 in the first quarter, expenses are still weighing on the company's bottom line. Wayfair said it is investing in its logistics infrastructure and new product offerings.
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