Here's Why Wayfair Stock Surged Today
Shares of Wayfair (NYSE: W) popped 10% on Thursday after the home furnishings-focused online marketplace delivered strong second-quarter financial results.
Wayfair's net revenue fell 10.4% year over year to $3.9 billion, but rose 11% sequentially. The company continues to benefit from a rise in e-commerce sales during the coronavirus crisis, despite the economy reopening and more people returning to brick-and-mortar stores.
"Wayfair delivered $3.9 billion in net revenue in Q2 -- well above pre-pandemic run-rates, even as we began to lap the early heights of COVID-related lockdowns in 2020," CEO Niraj Shah said in a press release. "While the current macro environment is dynamic, the home remains a high priority for our customers and longer-term tailwinds to online category growth are firmly in place."
Source Fool.com
