Wayfair and SharkNinja Post Double-Digit Revenue Growth

Wayfair and SharkNinja both reported double-digit third-quarter revenue growth on November 4, sending their shares higher on a day when consumer stocks rose broadly following the midterm elections, according to the Boston Globe.

Needham-based SharkNinja said revenue climbed 21 percent from a year earlier, its 14th consecutive quarter of double-digit growth under chief executive Mark Barrocas. The stock rose 4 percent. Barrocas told analysts the company has benefited from hiring Salesforce over the past year to consolidate its direct-to-consumer websites, a change he said has increased cross-category purchases and repeat customers. Growth came across all business lines, and a $200 countertop water filtration system, the HydraSense, drew attention on social media.

Boston-based Wayfair reported 10 percent revenue growth, its strongest since the pandemic. Shares jumped 11 percent on November 4 but gave back most of that gain the following day. Chief executive Niraj Shah pointed to the Wayfair Rewards loyalty program, launched two years ago, and the company's move into physical retail, with three large-format stores open and five more planned. Shah said there were "many pistons powering our engine of growth."

Wayfair's market value is about $15 billion, roughly half of SharkNinja's $31 billion. Wayfair shares trade at one-third of their 2021 peak.

This story was first reported by The Boston Globe.