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Wayfair (NYSE:W) shares plummeted Thursday after the company reported a wider-than-expected loss in the fourth quarter.
The e-commerce firm reported a loss of $1.71 per share in the quarter, $0.09 worse than the analyst estimate of a loss of $1.62 per share. However, revenue beat the analyst consensus estimate, coming in at $3.1 billion versus the consensus estimate of $3.06B.
At the time of writing, Wayfair shares are down over 24%, trading around the $37.50 mark, putting it back at levels last seen on January 10.
The company also lost just over 5 million customers in 2022, finishing the year with 22.1M active customers, compared to 27.3M active customers at the end of 2021.
The company acknowledged that the current short-term macroeconomic picture is unpredictable but stated it is confident in its ability to navigate the challenges. Wayfair also reiterated its commitment to quickly reaching adjusted EBITDA profitability and positive free cash flow.
“We enter 2023 as a lean, focused team driven by the same key priorities that defined much of 2022 – driving cost efficiency, nailing the basics, and earning customer and supplier loyalty every day,” commented Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
