Wayfair Surges As Q1 Results Beat The Street

(RTTNews) - Shares of Wayfair Inc. (W), an e-commerce company that sells furniture and home goods online, are rising more than 17% Thursday morning after reporting better-than-expected first-quarter results.

"This was a strong quarter for Wayfair, and we are pleased to be seeing consistent market share gains and a significant improvement in cost structure versus last quarter that gets us to nearly Adjusted EBITDA breakeven in Q1. Most exciting is that we expect to have positive Adjusted EBITDA in the second quarter," said Niraj Shah CEO, co-founder and co-chairman, Wayfair.

The company reported a loss of $355 million or $3.22 per share, wider than $319 million or $3.04 per share loss a year ago.

Excluding one-time items, loss was $1.13, that beat the consensus estimate of analysts polled by Thomson-Reuters of $1.69 loss per share.

Net revenue was $2.774 billion, down 7.3% year over year. The consensus estimate was for $2.75 billion.

Wayfair shares are at $36.78 currently. It has traded in the range of $28.11-$79.21 in the last 1 year.