Wayfair posted a net loss of $1.3B for 2022.
The online home retailer continues to spend heavily on advertising as it loses customers and revenue following a sales boost during the pandemic.
- Wayfair posted its fourth-quarter results yesterday, showing a continued sales decline.
- The company's net revenue fell to $12.2B over 2022, an 11% drop YoY.
- Wayfair's net revenue for Q4 fell by 4.6% YoY, and it posted a net loss of $351M for the quarter.
- The e-commerce firm announced plans to lay off 870 corporate staff in August, and in January, it revealed plans to shed another 1,750 employees.
- Wayfair benefited from the pandemic as consumers who began working from home increasingly purchased home goods online.
- The boost allowed the company to reach profitability for the first time since going public in 2014, but sales began to slide as pandemic-era restrictions were lifted.
