Wayfair Plunges as Forecast Miss Heightens Growth Concerns
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Wayfair Inc. plunged to its lowest levels of the year after the online home-goods retailer gave a disappointing outlook for the critical holiday quarter.
The shares fell 17% to $84.23 at 12:32.m. in New York, their lowest since Dec. 26. The company said on its conference call with analysts and investors that it expects fourth-quarter net revenue of $2.48 billion to $2.525 billion, missing even the lowest of analyst estimates. Gross margin is expected to fall in the range of 23% to 24%, while analysts on average were looking for 24.1%.