Why Overstock.com's Stock Jumped 17% Today
Shares of Overstock.com (NASDAQ: OSTK) rose as much as 16.9% on Friday morning, following a mixed second-quarter earnings report.
The e-commerce retailer and blockchain technology provider saw second-quarter revenue sliding 23% year over year, landing at $374 million. A 63% reduction in sales and marketing expenses helped Overstock reduce its adjusted bottom-line losses from $2.20 to $0.69 per share. Analysts, on average, had been expecting a net loss of $0.92 per share on revenue near $377 million.
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Source Fool.com
