Why Wayfair Stock Gained Today
Shares of Wayfair (NYSE: W) gained as much as 10% today after the company reported first-quarter earnings. The results beat expectations, particularly for the bottom line. As of 11:40 a.m. EDT, the stock was up 5%.
Revenue in the first quarter increased 49% to $3.5 billion, topping the consensus estimate of $3.4 billion in sales. That resulted in adjusted earnings per share of $1, crushing the $0.23 per share in adjusted profits that Wall Street analysts were modeling for. The consumer discretionary company said active customers jumped 57% to 33.2 million as of the end of the quarter.
Image source: Getty Images.
Source Fool.com
