Shares surge 17% premarket (Il Sole 24 Ore Radiocor) - New York, 02 May - Shares in Wayfair surged in premarket trade after the online furniture retailer said it had posted a narrower loss in the first quarter compared to the previous year.

Wayfair, which cut 13% of its workforce at the start of the year, said its net loss in the three months to end March was 248 million dollars compared to 355 million a year earlier.

Total net revenue fell 1.6% to 2.7 billion dollars.

"The first quarter ended on an upswing," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. "Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of share gain. Shoppers are increasingly choosing Wayfair, with year-over-year active customer growth once again positive and accelerating compared to last quarter." At 1511 GMT Wayfair shares were up 17%.

AAA-Sje

(RADIOCOR) 02-05-24 15:17:54 (0435) 5 NNNN