Why Wayfair Stock Was Falling More Than 10% Late Friday
Shares of Wayfair (NYSE: W) were down 15% as of 2:30 p.m. ET on Friday as analysts continued to process the third-quarter earnings report released on Thursday.
Jefferies analyst Jonathan Matuszewski noted that the declining demand for home furnishings is putting Wayfair's turnaround effort in a difficult spot. The analyst maintained a hold rating on the stock, despite the stock being down 83% year to date.
Wayfair's revenue has fallen nearly 13% year over year through the first nine months of 2022. This is a business that grew revenue by 55% in 2020. One of the few positives from the earnings report was that revenue didn't decline as much as the previous quarter, down 9% year over year compared with a 15% decrease in the second quarter. But that's not much of a consolation.
Source Fool.com
