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Wayfair (NYSE:W) slid in early trading on Wednesday after falling short of estimates its Q3 revenue tally.
Revenue rose 3.7% year-over-year to $2.9B vs. $2.98B consensus. U.S. revenue increased 5.4% Y/Y to $2.6B, while international revenue fell 7.0% to $372M. International revenue was down 7.8% on a constant currency basis.
The retailer reported its second straight quarter of positive adjusted EBITDA amid what it called a turbulent macro backdrop. The $100M adjusted EBITDA mark topped the consensus estimate for $58M.
Key Q3 metrics: Active customers fell 1.3% year-over-year to 22.3M. LTM net revenue per active customer was down 1.6% Y/Y to $538. Orders per customer, measured as LTM orders divided by active customers, was 1.83 vs. 1.82 a year ago. Orders delivered were up 13.8% to 9.9M. Repeat customers placed 79.7% of total orders delivered in thequarter, compared to 77.8% a year ago. Repeat customers placed 7.9M orders in the quarter of 2023, an increase of 16.2%. Average order value was $297 vs. $325 a year ago. 61.7% of total orders delivered were placed via a mobile device in the quarter, compared to 58.6% a year ago.
Shares of Wayfair (W) fell 13.24% in premarket action to $36.97, which is the lowest trading level since late May.