Wayfair’s stock surges toward a record after swinging to big profit beat, as orders delivered more than doubled

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Shares of Wayfair Inc. shot up 3.0% toward a record high in premarket trading Wednesday, after the online seller of home furnishings and housewares swung to a big profit beat in the second quarter, as orders delivered more than doubled. Net income was $273.9 million, or $2.54 a share, after a loss of $181.9 million, or $!.98 a share, in the year-ago period. Excluding non-recurring items, Wayfair swung to adjusted earnings per share of $3.13 from a per-share loss of $1.35, well above the FactSet consensus for EPS of 97 cents. Revenue soared 83.7% to $4.30 billion, beating the FactSet consensus of $4.07 billion. Orders delivered increased 106.2% to 18.9 million, while the average order value declined to $227 from $255. The number of active customers in the Direct Retail business grew 46.0% to 26.0 million. “We experienced unprecedented demand in Q2 and saw record numbers of new and repeat customers choose Wayfair,” said Chief Executive Niraj Shah. The stock has more than tripled (up 221.8%) year to date through Tuesday, while the S&P 500 has gained 2.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.