Wayfair's online furniture sales boosted by coronavirus shutdown

The online furniture company Wayfair announces layoffs.

Wayfair Inc. on Tuesday reported a smaller-than-expected adjusted first-quarter loss as revenue grew by 20%.

The Boston-based online furniture seller reported a loss of $285.9 million, or $3.04 a share, compared with a loss of $200.4 million, or $2.20 a share, for the same period a year earlier.

On an adjusted basis, the company's loss was $2.30 a share. Analysts were expecting an adjusted loss of $2.60 a share, according to FactSet.

TickerSecurityLastChangeChange %WWAYFAIR176.12+42.01+31.32%

Revenue grew 19.8% to $2.33 billion. Analysts had anticipated revenue of $2.31 billion.

WAYFAIR LAYING OFF 550 WORKERS

Chief Executive Niraj Shah said that the Covid-19 pandemic has brought first-time customers to Wayfair's online store as people stay at home during the public-health crisis.

"Millions of new shoppers have discovered Wayfair while they shelter in place at home," Mr. Shah said.

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