MW: Wayfair laying off 1,650 employees, weeks after CEO urged staff to work harder
MARKETWATCH reports: (Wayfair shares climbed in premarket trades Friday after the home-goods retailer announced a plan ...
SEEKING ALPHA reports:
– Wayfair (NYSE:W) fell sharply in early trading after Q4 results trailed expectations.
– Revenue fell 11% during the quarter for Wayfair (W) compared to the tough pandemic comparable from a year ago and a non-GAAP adjusted EBITDA loss of $4M was recorded.
– Active customers were down 12.5% from a year ago to 27.3M and orders per customer fell to 1.89 from 1.96. The average order size increased to $269 from $223…
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Stock down 10% in pre-market trade; Dow and S&P futures down 2.5%, Nasdaq futures falling over 3% at 12.30 GMT.
By midday (EST), W had lost 3% of value, with Dow, S&P and Nasdaq down, respectively, 2%, 1.2% and 0.4%. Ahead of close, the shares were up 4%; Dow -0.08%, S&P +1.1% and Nasdaq up 3% with half an hour to go.
VIX @ 30.6.
Our previous ‘W coverage’ is here: “Wayfair art thou, Romeo?“.
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