"This was a strong quarter for (NYSE: W)..." begins the online furniture retailer's first-quarter earnings report. A quick look at the numbers says otherwise.

Wayfair enjoyed booming demand for home goods during the first part of the pandemic. Revenue soared 55% in 2020, and the chronically unprofitable company even managed to produce a positive net income. But that demand soon evaporated. Revenue dipped 3.1% in 2021, followed by a larger 10.9% decline in 2022.

Wayfair's first quarter of 2023 was not much better. Revenue sank 7.3% year over year to $2.8 billion, the number of active customers tumbled 14.6%, and net loss widened to $355 million. Free cash flow was a loss of $234 million, which chipped away at the cash on the company's balance sheet.

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Source Fool.com