Shares of Wayfair (NYSE:W) are falling today, down 12% as of 1:15 p.m. EDT, following the release of the e-commerce retailer's first-quarter results.
The stock's decline was triggered by a worse-than-expected loss for the quarter, despite stronger-than-anticipated revenue.
Revenue jumped 39% year over year to $1.94 billion. But the company's non-GAAP loss per share widened from $0.91 in the year-ago quarter to $1.62. Analysts, on average, expected a narrower loss of $1.60 per share on revenue of $1.92 billion.
Helping support its growth, active customers in Wayfair's direct retail business notably increased 39.1% year over year to 16.4 million.
"Our ongoing investments in building our logistics infrastructure, deepening our product offering, and finding new ways to serve our customer are just a few of the many areas that are driving the momentum we are seeing today," CEO Niraj Shah stated in the company's first-quarter earnings release.
Shah is optimistic about Wayfair's future. The CEO said, "We look forward to the sizable opportunity ahead as we continue to transform the experience of shopping for the home and remain well positioned to take share of the dollars that are coming online in the home category."