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Why Overstock.com Stock Fell Monday
Shares of e-commerce retailer and blockchain technology company Overstock.com(NASDAQ:OSTK) fell on Monday, declining as much as 13.5%.
The Overstock.com stock price is 75% below an all-time high observed on Jan 5th 2018.
The stock's Monday sell-off follows the company's fourth-quarter results. Revenue surprisingly declined compared to the year-ago quarter, and Overstock lost $42.3 million during the period.
Adjusted EBITDA was -$30.4M during the quarter vs. -$17.9M a year ago, with losses in both the retail and tZERO trading platform.
Overstock acknowledged the company's struggle to become profitable during the year, with CEO Patrick Byrne noting, "Our retail arm lost money last year because I gunned things in an attempt to create a conventional high-growth/money losing e-commerce business, but the losses were nauseating.”
Shares of e-commerce retailer and blockchain technology company Overstock.com(NASDAQ:OSTK) fell on Monday, declining as much as 13.5%.
The Overstock.com stock price is 75% below an all-time high observed on Jan 5th 2018.
The stock's Monday sell-off follows the company's fourth-quarter results. Revenue surprisingly declined compared to the year-ago quarter, and Overstock lost $42.3 million during the period.
Adjusted EBITDA was -$30.4M during the quarter vs. -$17.9M a year ago, with losses in both the retail and tZERO trading platform.
Overstock acknowledged the company's struggle to become profitable during the year, with CEO Patrick Byrne noting, "Our retail arm lost money last year because I gunned things in an attempt to create a conventional high-growth/money losing e-commerce business, but the losses were nauseating.”
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