Why Wayfair Stock Dropped Like a Rock Today
Shares of furniture e-commerce company Wayfair (NYSE: W) dropped like a rock on Thursday after the company closed 2022 with a stunning net loss of over $1.3 billion. As of 2 p.m. ET, Wayfair stock was down by 28%. In 2022, Wayfair's net revenue fell nearly 11% year over year to $12.2 billion.