Shares of bargain e-commerce company Wayfair (W) - Get Report were down more that 10% Thursday after the Boston-based company reported a wider-than-expected loss in the first quarter, though revenue topped estimates.
The company reported a net loss of $1.62 per share, wider than Wall Street's expectations for a loss of $1.60, on revenue of $1.94 billion, which topped analysts' estimates of $1.91 billion.
The loss was nearly double the 91 cents per share the company lost a year ago, even though revenue for the period increased nearly 40% as orders delivered grew 39% to 8.2 million. The company reported that the cost of goods sold grew 36% in the period.
"We are excited to report a strong start to 2019 marked by another consecutive quarter of exceptional growth with Direct Retail net revenue up $542 million dollars, or 39%, year over year, for a total net revenue of $1.9 billion," said Niraj Shah, CEO, co-founder and co-chairman of Wayfair. "Our ongoing investments in building our logistics infrastructure, deepening our product offering, and finding new ways to serve our customer are just a few of the many areas that are driving the momentum we are seeing today."
The stock was down 10.4% to $146.53 in trading Thursday.