Wayfair Inc W is trading lower Thursday morning after the company announced worse-than-expected fourth-quarter earnings results.
Wayfair said quarterly revenue was down 11.4% year-over-year to $3.3 billion, which beat the $3.25 billion estimate. The company reported an earnings loss of 92 cents per share, which came in below the estimate for a loss of 69 cents per share.
"While consumer behavior has changed repeatedly throughout the pandemic, the primary elements for success in our category have not - the home remains top of mind and secular trends favor a long and durable shift to e-commerce. Wayfair has only just begun to scratch the surface of this vast opportunity," said Niraj Shah, co-founder and CEO of Wayfair.
Wayfair said it continues to work on its high ROI initiatives in order to set the company up for continued strong growth.
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W Price Action: Wayfair has traded as low as $117.88 and as high as $355.96 over a 52-week period.
The stock was down 3.96% at $116.49 at time of publication.
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