Wayfair Obliterates Earnings Forecasts as Active Customers Surge to 26 Million

Wayfair (NYSE: W) earnings rocketed well beyond Wall Street's forecasts as consumers turned to the online retail in droves during the coronavirus pandemic, generating "unprecedented demand" for its products. With most physical retail stores closed and Amazon.com having prioritized fast shipping only for essential goods early on during the crisis, Wayfair saw the number of active customers grow 46% to 26 million compared to last year. Wayfair reported that second-quarter revenue jumped almost 84% in the period to $4.3 billion, a $2 billion increase over last year and well ahead of the $4.06 billion analyst consensus estimate.