Wayfair's stock tanked Friday morning, after the online furniture retailer said its losses widened during the holiday quarter.
The issue for Wayfair has long been, and continues to be, how to make money.A Wayfair employee works at his desk at the Boston headquarters of Wayfair on July 31, 2018.'s stock tanked Friday morning, after the online furniture retailer's losses widened more than expected during the holiday quarter.The issue for Wayfair has long been, and continues to be, how to make money. The company has been criticized for spending too much money on advertising to acquire new customers on the internet.
Excluding one-time items, Wayfair's adjusted losses were $2.80 per share, worse than the loss of $2.65 a share analysts were expecting, based on Refinitiv data. Total operating expenses were $882.8 million in the fourth quarter, up from $614.7 million a year ago.it was cutting about 3% of its workforce, or roughly 500 jobs. The retailer did not say how much money it expected to save from the layoffs.
The company is calling for net revenue during the first quarter to fall within a range of $2.24 billion to $2.28 billion. Analysts had been calling for $2.47 billion, Refinitiv said.
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