Wayfair (NYSE:W) saw its shares jump 9% in premarket trading Thursday after the e-commerce company reported earnings per share (EPS) and revenue that surpassed analyst estimates in the fiscal Q1 2024.
The company posted Q1 loss per share of $0.32, slightly outperforming analysts' predictions of a loss per share of $0.33. Revenue was reported at $2.7 billion, exceeding the consensus estimate of $2.64 billion.
Adjusted EBITDA for the quarter was $75 million, a significant improvement from a $14 million loss year-over-year, and slightly above the $73.8 million estimate.
The adjusted EBITDA margin was 2.7%, slightly below the expected 2.76%.
Gross margin increased to 30% from 29.6% in the same period last year, though it fell short of the anticipated 30.6%.
The number of orders delivered remained steady year-over-year at 10 million, surpassing the estimate of 9.64 million.
"The first quarter ended on an upswing," said Niraj Shah, CEO, co-founder, and co-chairman of Wayfair.
"Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter."