The Overstock earnings report was released, followed by its Q2 earnings call yesterday, which was led by their Chief Executive Officer, Patrick Byrne. As a result, the company’s stock is trading favorably on the market this morning.
Q2 Pre-Earnings Call Letter
There was a letter sent out to the press before the call started and Byrne started the letter by describing a conversation he recently had with an investor. The letter stated that the investor had told Byrne that Overstock.com was the “most difficult-to-value stock on Wall Street.”
“While that is regrettable, I have always tended to be less concerned with making valuation easy and more concerned with building value in the firm for you, its owners. However, we have reached a crucial juncture in our firm’s history and it is becoming increasingly important to elucidate the different parts of our business and their potential value.”
From there, the CEO went on the describe the various parts of Overstock’s blockchain initiative, to help answer any questions investors may have had with its stance and movement in the blockchain industry. Byrne also details the company’s stance in the retail industry and how its blockchain movement affects its current retail platform.
Overstock Earnings Report Stats
Overstock.com Inc. brought in $483.1 million in revenue for Q2 2018, a 12% increase from Q2 2017. The company brought in a gross profit of $91.7 million, a 9% increase from Q2 2017.
Overstock’s sales and marketing expenses were $94.4 million, a 118% increase and its G&A/Technology expense increased 26% to $63.9 million.
The company had a net loss of $64.9 million, a $57.4 million increase from its $7.5 million back in Q2 2017. The net loss refers to the net loss attributable to stockholders of Overstock.com Inc.
Overstock Stock Movement (NASDAQ:OSTK)
According to Yahoo Finance, OSTK is currently trading at $45.88 a share, up $7.28 (+18.85%). Yesterday, the market closed at $38.60 a share and opened today at $46.95 a share, a 21.63% increase to start the day.
Featured Image: Depositphotos/© cuteimage1