Wayfair (W) reports strong second-quarter numbers driven by an increase in active customers and strength in the company's direct retail business.
W earnings call for the period ending June 30, 2020.
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.