NEW YORK (TheStreet) -- Shares of Wayfair (W) were gaining 5.4% to $32.43 on heavy trading volume Monday after the online home furnishing company beat analysts' estimates for earnings and revenue in the first quarter.
Wayfair announced a loss of 23 cents a share for the first quarter, above analysts' estimates of a loss of 24 cents a share for the quarter. Revenue grew 52.3% year over year to $424.37 million for the quarter, above analysts' estimates of $388.98 million.
The company said that direct retail revenue grew 63.4% from the year-ago quarter to $369.4 million in the first quarter. The number of active customers in direct retail business grew 49.3% to 3.6 million.
About 1.3 million shares of Wayfair were traded by 10:14 a.m. Monday, above the average trading volume of about 835,000 shares a day.