BOSTON – Wayfair posted a profit for its second consecutive quarter after the company reported a net income of $173.2 million for the quarter ended Sept. 30, compared with a $272.9 million loss in the prior-year third quarter.
Gross profit for the third quarter came in at $1.1 billion or 29.9% of total net revenue, compared with $540 million in the third quarter of last year. Wayfair also reported diluted earnings per share of $1.67 for the third quarter compared with a net loss of $2.94 for last year’s third quarter.
Total net revenue increased $1.5 billion to $3.8 billion up 66.5% year-over-year. At the end of the third quarter, cash, cash equivalents and short- and long-term investments totaled $2.6 billion.
“Wayfair delivered another quarter of strong operating and financial results in Q3. Category momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
“Our long-term mindset and strategic investments are translating to sustained profitability. While today’s unique environment has accentuated these trends, we are confident that there is a