Wayfair Inc. has delivered better-than-expected results for the first quarter of 2024. The company's non-GAAP loss of 32 cents per share in Q1 was narrower than the expected 45 cents per share loss. Furthermore, its net revenues of $2.73 billion surpassed the consensus estimate by 3.3%, despite a 1.6% decline compared to the previous year.
Financial Performance in Q1 2024
The non-GAAP loss reported by Wayfair in Q1 2024 showed significant improvement from the previous year's performance. The company managed to reduce its loss per share from $1.13 to 32 cents. Although there was a slight decrease in net revenues, Wayfair still exceeded expectations with $2.73 billion in revenue.
Growth in Active Customer Base
In addition to its financial performance, Wayfair also experienced growth in its active customer base during the quarter. The company's active customer base increased by 2.8% year over year, reaching 22.3 million. This growth exceeded the consensus mark by 0.26%, indicating a positive trend for Wayfair's future performance.
Breakdown of Q1 Details
While net revenues in the United States decreased by 1% to $2.4 billion, they still surpassed the Zacks Consensus Estimate by 4.1%. On the other hand, international net revenues declined by 4.4% to $329 million. Despite these fluctuations, Wayfair's overall performance in Q1 2024 was strong and beat expectations.
