Wayfair's stock soared Thursday after the online home-furnishings retailer reported a surprise second-quarter profit, prompting a double upgrade by Wells Fargo.
Shares of Wayfair Inc. soared toward a 15-month high Thursday, after the online home-furnishings retailer reported a surprise second-quarter profit, as a jump in gross margins helped offset declines in revenue and active customers.
The stock W shot up 16.6% in afternoon trading, putting it on track to close at the highest price since May 4, 2022. It was also headed for the biggest one-day post-earnings gain since it rocketed 23.7% after first-quarter 2020 results one May 5 of that year. He acknowledged in a note to clients that while “we’re late to the party,” and despite lingering macroeconomic concerns and a highly promotional, “our [underweight] view has run its course.”
Gross margins, or gross profit as a percentage of revenue, improved to 31.1% from 27.3%, to surpass the 30%-level for the first time since the peak pandemic period of 2020.Free cash flow swung to positive $128 million from negative $244 million, while the FactSet consensus called for negative $59.5 million.
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