Yahoo Finance Overstock.com swings to quarterly loss as sales fall amid weak economic backdrop
By Scott Kanowsky
Investing.com -- Overstock.com Inc (NASDAQ:OSTK) swung to a loss in the final quarter of 2022, as the online furniture retailer was hit by slipping customer demand.
The Utah-based e-commerce company reported a net loss attributable to shareholders of $15.51 million in the fourth quarter, down from earnings of $32.94M in the same three months in 2021. The figure translated to a loss per share of $0.34.
Net revenue slumped by more than a third compared to same period in the prior year to $404.9M, well below Bloomberg consensus estimates of $446.5M.
Chief Executive Officer Jonathan Johnson said the top-line downturn was fueled by a "weak macroeconomic backdrop that impacted consumer sentiment," as well as its drive to sell only at-home merchandise.
He added that while the company will focus on improving revenue this year, the broader trading environment remains uncertain.
Shares in Overstock.com dropped in pre-market U.S. dealmaking on Wednesday.
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