Why Wayfair Stock Dropped Today

Click here for The Motley Fool’s resources on Coronavirus and the market. The fast-growing online furniture seller surprised the market by announcing layoffs What happened Shares of Wayfair (NYSE:W) were heading lower today after the online home goods specialist said it was laying off 550 employees, or about 3% of its workforce. The stock was down 12.7%…

Why Wayfair Stock Dropped Today

Click here for The Motley Fool’s resources on Coronavirus and the market.

The fast-growing online furniture seller surprised the market by announcing layoffs

What happened
Shares of Wayfair (NYSE:W) were heading lower today after the online home goods specialist said it was laying off 550 employees, or about 3% of its workforce.
The stock was down 12.7% as of 3:05 p.m. EST on the news.
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