Why Overstock.com Tumbled Today
After Overstock.com (NASDAQ: OSTK) published its quarterly results early Thursday morning, its share price took a more than 9% hit in the trading session that followed. The company's third-quarter figures revealed notable declines in several key metrics.
For the period, Overstock booked total net revenue of $460 million, which was a steep 33% below its tally in the prior-year quarter. Equally notable was its drop in active customers to almost 5.8 million from more than 8.6 million in Q3 2021. Non-GAAP (adjusted) net profit also eroded, falling to just under $5.9 million ($0.13 per share) compared to over $23.3 million a year earlier.
To a certain extent, analysts had anticipated Overstock's business would be down. On average, they were estimating just over $479 million on the top line and $0.11 per share for adjusted net profit.
Source Fool.com
