Wayfair (W) earnings Q2 2024 [Video]

Online home goods company Wayfair saw sales decline in its fiscal second quarter as its CEO likened the current slowdown in the home goods category to the 2008 financial crisis.

“Our credit card data suggests that the category correction now mirrors the magnitude of the peak to trough decline the home furnishing space experienced during the great financial crisis,” Wayfair CEO Niraj Shah said in a news release. “Customers remain cautious in their spending on the home.”

The e-tailer fell short of Wall Street’s expectations on both the top and bottom lines. Shares fell 10% in premarket trading Thursday.

Here’s how Wayfair did in its second fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

• Earnings per share: 47 cents adjusted vs. 49 cents expected
• Revenue: $3.12 billion vs. $3.18 billion expected

The company reported a loss of $42 million, or 34 cents per share, in the three-month period that …