See Why Overstock.com, Inc. Shares Are Soaring Today
Shares of online retailer Overstock.com (NASDAQ: OSTK) soared as much as 29.2% higher on Thursday, following the release of results for the third quarter of fiscal year 2017. The company posted lower sales and smaller net losses compared to the year-ago quarter, and CEO Patrick Byrne talked up a storm about the business opportunities he sees in blockchain operations.
Overstock's total sales fell 4% year over year, landing at $424 million. At the same time, gross margins widened from 18.1% to 19.7%. Bottom-line losses stopped at $0.03 per share, a significant improvement over net losses of $0.12 per share in Q3 of 2016.
Both e-commerce retail operations and the Medici segment's blockchain services improved their profitability. Members of the ClubO customer loyalty program accounted for more than 25% of Overstock's retail sales, and the club is signing up new members at a rapid clip.
Source: Fool.com
