The company’s adjusted loss per share totaled $2.80 in the quarter, compared with analysts’ average forecast of $2.63, according to FactSet.
Wayfair announced a GAAP loss of $330.2 million, or $3.54 a share, in the fourth quarter, compared with a year-earlier loss of $143.8 million, or $1.59 a share.
Revenue was $2.53 billion, up from $2.01 billion and matching analysts’ projections.
While Wayfair’s sales have surged since its inception in 2002, it has struggled with losses. The company is dumping 500 employees, or about 3% of its workforce, The Wall Street Journal reported earlier this month.
While Wayfair sources half its products in China, it said in its earnings call that its forecast for first-quarter revenue wasn’t affected much by the coronavirus, according to Bloomberg. But Wayfair said some disruptions are occurring in the supply chain.
The company said its annual revenue growth rate is just under 20% so far this quarter, lagging far behind its historical performance, Bloomberg reported.
The company anticipates revenue will total $2.235 billion to $2.275 billion in the first quarter, compared analysts’ projection of $2.47 billion.
Earlier this week, Stephens analyst Rick Nelson downgraded Wayfair shares to equal weight from overweight and cut his share price target to $80 from $95.
“Investors have become increasingly uncomfortable with Wayfair's growing losses, and the path to profitability is muddled,” he wrote in a report.
At last check, Wayfair shares traded at $61.50, down 12.58%. The stock has plummeted 63% over the past year.