By Sam Boughedda
Investing.com -- Shares of Wayfair Inc. (NYSE:W) opened over $20 below Wednesday's close after the company reported its fourth quarter earnings before the bell, missing analyst expectations.
Ahead of Thursday's open, the American e-commerce company announced earnings per share of -92 cents on revenue of $3.25 billion. Analysts polled by Investing.com anticipated EPS of -66 cents on revenue of $3.3 billion.
The company's revenue decreased $419 million, down 11.4% year over year, while active customers fell 12.5% year-over-year to 27.3 million. Furthermore, repeat customers placed 9.2 million orders in the fourth quarter of 2021, a decrease of 22.7% compared to last year.
In contrast, the average order value was $269 for the quarter, compared to $223 for the fourth quarter of 2020.
"While consumer behavior has changed repeatedly throughout the pandemic, the primary elements for success in our category have not - the home remains top of mind and secular trends favor a long and durable shift to e-commerce. Wayfair has only just begun to scratch the surface of this vast opportunity," said Niraj Shah, CEO, co-founder and co-chairman of Wayfair.