November 1, 2024 - $Wayfair (W.US)$ shares surged 11.84% to $47.90 in pre-market trading on Friday. The company reported financial results for its third quarter ended September 30, 2024.
Q3 Highlights
Total net revenue of $2.9 billion, decreased $60 million, down 2.0% year over year
U.S. net revenue of $2.5 billion, decreased $60 million, down 2.3% year over year
International net revenue of $372 million and International Net Revenue Constant Currency Growth remained constant year over yearGross profit was $873 million, or 30.3% of total net revenue
Net loss was $74 million and Non-GAAP Adjusted EBITDA was $119 million
Diluted loss per share was $0.60 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.22.
"Q3 marked another proofpoint of resilience for Wayfair with further market share capture in the face of sustained challenges in the category. Once again, we navigated a dynamic consumer environment while driving further discipline on costs to achieve a mid-single-digit Adjusted EBITDA margin for the second quarter in a row. As I've mentioned before, our north star is driving Adjusted EBITDA dollars in excess of equity-based compensation and capital expenditures, and we're pleased to be making noteworthy improvements across each of these fronts," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
About Wayfair
Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.
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