BOSTON, October 04, 2022--Wayfair Inc. (NYSE: W), one of the world’s largest destinations for the home, today announced that it will release financial results for its third quarter ended September 30, 2022 before the opening of the market on November 3, 2022.
Investors still seemed spooked after Federal Reserve Chairman Jerome Powell essentially told Wall Street that the central bank would continue to raise interest rates until inflation was brought to heel even if it meant rising unemployment and a recession. E-commerce stocks like Wayfair (NYSE: W), Farfetch (NYSE: FTCH), and Global-E Online (NASDAQ: GLBE) were on the decline today as the sector is exposed to rising rates in multiple ways. Finally, higher interest rates have also made the dollar stronger against international currencies, a challenge for global companies like Farfetch and Global-E Online, as dollar-denominated earnings for international companies are worth less when the dollar is strong.
Wayfair (NYSE: W) shares are trading near the lows they set during the first acute phases of the pandemic. The company is clearly going through a rough patch today as consumers change their spending patterns back toward in-person shopping. A rebound is inevitable over the next several years, but will Wayfair be able to capitalize on it?