Wayfair, the online furniture seller, announced a significant reduction in its loss for the second quarter, following the implementation of a cost-cutting plan. However, the company continued to experience a decline in its active customer base.
In Q2, Wayfair reported a loss of $46 million, or 41 cents per share, compared to a loss of $378 million, or $3.59 per share, during the same period last year. Adjusted for one-time items, earnings per share reached 21 cents, surpassing expectations of analysts surveyed by FactSet, who had predicted an adjusted loss per share of 73 cents.
While revenue dropped by 3.4% to $3.17 billion, it still exceeded analysts' predictions of $3.10 billion. Within this total, U.S. revenue slightly declined to $2.8 billion, representing a 0.4% decrease, while international revenue significantly dropped by 21% to $386 million.
Unfortunately, Wayfair experienced a decrease of 7.6% in its active customer count, which now stands at 21.8 million.
As a result of the positive financial news, Wayfair's shares rose by 5.6% to $77 in pre-market trading.
