Investing.com -- Wayfair (NYSE:W) reported a shallower-than-expected loss in the fourth quarter, as the online furniture retailer said it had taken a "definitive step" forward in an ongoing drive to restructure its operations.
The Boston-based firm announced a fresh round of layoffs in January, a move that CEO Niraj Shah stemmed from a hiring surge that had gone "overboard" following a spike in demand from shut-in consumers during the pandemic. The latest reductions, which came previous dismissals in 2022 and 2023, will see about 10% of its headcount eliminated.
Shah said on Thursday that the company has been boosted by an overhaul to its core operations, adding that these actions helped support year-on-year growth in its active customer count by the final three months of 2023.
In the fourth quarter, Wayfair posted an adjusted loss per share of $0.11, an improvement from $1.71 in the year-ago period. Bloomberg consensus estimates had seen the figure at $0.15.
Net revenue, meanwhile, inched up by 0.4% to $3.11 billion, in line with estimates.