Wayfair shares plummeted to their lowest level since February 2015 on Tuesday, reversing a solid pre-market gain after the company reported financial results for Q3, with a narrower-than-expected loss and revenues that topped analysts’ forecasts.
W was down 8% at $30.97 recently, having earlier traded as low as $27.60. The 52-week high is at $50.00.
The company, which operates in the e-commerce business, posted Q3 non-GAAP loss of $0.54 per share, compared with the prior-year period’s $0.13 loss per share. Analysts polled by Capital IQ were expecting a $0.59 loss per share.
Revenue was $861.5 million, up from $594 million in the same quarter last year. The Street view was for revenue of $845.9 million. Active customers in the company’s Direct Retail business rose 60.4% year-over-year to 7.4 million.