Wayfair Inc. W reported second-quarter 2020 non-GAAP earnings of $3.13 per share, which surpassed the Zacks Consensus Estimate of $1.02.Total revenues came in at $4.30 billion, up 83.7% year over year. Also, the figure surpassed the Zacks Consensus Estimate by 5.8%.The increase in revenues was driven by strong acceleration in new and repeat customer orders. Also, increase in active customers and strength in the company's direct retail business aided year-over-year revenue growth.Wayfair Inc. Price, Consensus and EPS Surprise Wayfair Inc. price-consensus-eps-surprise-chart | Wayfair Inc. QuoteQuarter in DetailDirect retail net revenues — including sales generated primarily through Wayfair’s sites — were $4.3 billion, which increased 84.2% year over year.Active customers increased 46% from the prior-year quarter to 26 million. However, LTM net revenues per active customer decreased 1.6% year over year to $440 million.Total number of orders delivered in the reported quarter was 18.9 million, up 106.2% year over year. In addition, orders per customer for the quarter were 1.89 million, reflecting an increase of 1.6% from the year-ago period. Further, repeat customers placed 12.7 million orders in the second quarter, up 104.9% year over year.Operating ResultsFor the second quarter, Wayfair’s gross margin was 30.7%, up 680 basis points on a year-over-year basis.Adjusted EBITDA margin was 10.2% compared with (3%) in the year-ago quarter.The company’s operating expenses of $1.02 billion increased 39.7% year over year. Operating income was $274.2 million, wider than the prior-year loss of $181.1 million.Balance Sheet & Cash FlowAt second quarter-end, cash, cash equivalents and short-term investments were $2.4 billion, up from $891 million in the prior quarter. Accounts receivables were $119 million, up from $110.3 million in the first quarter.Cash from operations was $1.14 billion and capital expenditure totaled $44.8 million. Free cash flow was $1.05 billion compared with ($354.6) million in the first quarter.Zacks Rank and Stocks to ConsiderWayfair currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Dropbox DBX, Asure Software, Inc. ASUR and Analog Devices ADI. While both Dropbox and Asure Software sport a Zacks Rank #1 (Strong Buy), Analog Devices carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Dropbox, Asure Software, and Analog Devices are scheduled to report quarterly earnings on Aug 6, Aug 10 and Aug 19, respectively.Long-term earnings growth rate for Dropbox, Asure Software, and Analog Devices is pegged at 16.83%, 14% and 13.33%, respectively.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021. Click here for the 6 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Analog Devices, Inc. (ADI): Free Stock Analysis Report Asure Software Inc (ASUR): Free Stock Analysis Report Wayfair Inc. (W): Free Stock Analysis Report Dropbox, Inc. (DBX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research