D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
NEW YORK - On Thursday, Warby Parker Inc. (NYSE:WRBY) reported stronger-than-expected second-quarter revenue and raised its full-year outlook, despite missing earnings estimates.
The direct-to-consumer eyewear retailer’s shares surged more than 11% in pre-market trading after the earnings release.
The company posted revenue of $214.5 million for the second quarter, exceeding analyst expectations of $212.94 million and representing a 13.9% increase YoY. However, Warby Parker reported an adjusted loss of $0.01 per share, falling short of the $0.08 per share profit analysts had anticipated.
Active customers grew 9% to 2.6 million on a trailing 12-month basis, while average revenue per customer increased 4.6% to $316. The company’s Adjusted EBITDA rose to $25 million, with margins improving by 1.3 percentage points to 11.7%.
"Our Q2 results underscore our ability to stay agile and focused in a dynamic consumer and policy environment," said Steve Miller, Chief Financial Officer, who announced he will be stepping down effective October 1 after fourteen years with the company.
Warby Parker raised its full-year revenue guidance to between $880 million and $888 million, above the consensus estimate of $878.2 million. The company also expects Adjusted EBITDA of $98 million to $101 million, representing a margin of 11.1% to 11.4%.
Co-Founder and Co-CEO Neil Blumenthal highlighted significant milestones, stating, "We celebrated opening our 300th store and distributing 20 million pairs of glasses to people in need around the world." The company opened 11 new stores during the quarter, ending with 298 locations.
Warby Parker also announced a partnership with Google (NASDAQ:GOOGL) to develop AI-powered glasses, and launched "Advisor," an AI-driven recommendation tool that has shown "strong early traction" according to Co-Founder and Co-CEO Dave Gilboa.
The company plans to open 45 new stores this year, including five shop-in-shops at select Target (NYSE:TGT) locations, as it continues to expand its physical retail presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.