Quarterly Revenues Drop For Overstock

Overstock (NASDAQ:OTSK), blockchain company announced a 23 percent decline in revenues compared to the same time last year, with total revenues reaching US$373.7 million. This was primarily due to a reduction in retail sales for the company as it has shifted priorities away from its previous online retail operations.

As quoted in the press release:

Key metrics (Q2 2019 vs. Q2 2018):

• Revenue: $373.7M vs. $483.1M (23% decrease);

• Gross profit: $73.9M vs. $91.7M (19% decrease);

• Gross margin: 19.8% vs. 19.0% (79 basis point increase);

• Sales and marketing expense: $34.6M vs. $94.4M (63% decrease);

• G&A/Technology expense: $65.1M vs. $63.9M (2% increase);

• Pre-tax loss: $28.2M vs. $65.9M ($37.7M improvement); °  Pre-tax loss – Retail: $9.1M°  Pre-tax loss – tZERO: $10.0M°  Pre-tax loss – Other: $9.2M

• Net loss*: $24.7M vs. $64.9M ($40.2M improvement);

• Diluted net loss per share: $0.69/share vs. $2.20/share ($1.51/share improvement);

• Adjusted EBITDA (non-GAAP financial measure): ($13.1M) vs. ($62.8M) ($49.7M improvement); °  Adjusted EBITDA – Retail: $1.6M°  Adjusted EBITDA – tZERO: ($8.7M)°  Adjusted EBITDA – Other: ($6.0M).

Click here to read the full press release.