Wayfair Shares Plummet After Third-quarter Results

Wayfair Inc. shares turned sharply lower in Tuesday premarket trading after the online home furnishings company reported third-quarter results. Net loss for the quarter was $60.9 million, or 72 cents per share, compared with a loss of $15.5 million, or 18 cents per share, for the same period last year. Adjusted loss per share was 54 cents, narrower than the 59-cent loss FactSet estimate. Revenue for the quarter was $861.5 million, up from $594.0 million last year and beating the $846.0 million FactSet consensus. Wayfair stock initially rose before falling as much as 17% before the open. The company's shares are down 37% for the year so far while the S&P 500 Index is up 4.5%.