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Wayfair shares plunge over 19% as loss widens

Net revenues though did rise - up 39% from last year to US$1.2bn, the firm revealed
Wayfair shares plunge over 19% as loss widens
The loss per share for the three months was 88 cents a share, versus a 72 cent loss a year ago

Wayfair Inc (NYSE:W), the American furniture e-commerce firm, saw shares plunge over 15% on Thursday as it posted a wider than expected third quarter loss.

Net revenues though did rise - up 39% from last year to US$1.2bn,  which was just below analysts’ estimates of US$1.21bn.

The loss per share for the three months was 88 cents a share, versus  a 72 cent loss a year ago.

Consensus analyst estimates was for a loss of 68 cents a share.

“We are very pleased with the company’s strong growth and momentum as we continue to reinforce our position as a clear online leader in the massive home category,” said Niraj Shah, the chief executive,  co-founder and co-chairman of Wayfair.

"With $1.2 billion in year over year Direct Retail revenue growth during the twelve months ending September 30, we are already quickly outpacing the shift of dollars online in our category and taking a high proportion of market share as customers embrace our exceptional shopping experience."

Shares are at  US$62.84 each. 

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