Wayfair Shares Sink After Losses Exceed Estimates

Wayfair Inc. shares dropped 9.4% in Tuesday premarket trading after the online home furnishings company reported second-quarter losses that exceeded estimates. Wayfair reported a net loss of $48.27 million, or 57 cents per share, compared with a loss of $19.33 million, or 23 cents per share, for the same period last year. Adjusted losses were 43 cents per share while the FactSet consensus was for a loss of 40 cents per share. Revenue for the quarter totaled $786.93 million, up from $491.75 million for the same period last year and exceeding the $782 million FactSet consensus. Wayfair shares are up 32.1% for the past year while the S&P 500 Index is up 5% for the same period.