On August 4, Wayfair rose 8.34% in pre-market trading, trading at $98.03/share, with turnover of $19.78 million.

The move was driven by the company's Q2 earnings release before market open. Wayfair reported adjusted earnings of $0.95 per diluted share for the quarter ended June 30, beating the analyst consensus estimate of $0.90 by 5.56% and representing a 9.2% increase over the $0.87 reported in the same period last year. Revenue came in at $3.52 billion, surpassing the Street estimate of $3.47 billion and up from $3.27 billion a year earlier.

The results extended a pattern of sequential improvement. In Q1, the company delivered revenue of $2.93 billion with adjusted EPS of $0.26, and Q4 adjusted EPS of $0.85 had already beaten estimates by over 29%. Morgan Stanley has highlighted Wayfair as a long-term share gainer with improving earnings quality and free cash flow, maintaining an Overweight rating with a $110 price target. RBC Capital Markets had raised its Q2 net sales growth estimate to 6.0% ahead of the report, citing favorable category momentum.

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