Overstock (OSTK) Stock Tanks on Q3 Earnings

Overstock (NASDAQ:OSTK) stock is tanking Tuesday as the company reported its third-quarter earnings.

OverstockThe company’s third-quarter revenue rose 10.8% to $391.2 million, despite reporting a net loss due to spending $1.3 million in legal fees over an upcoming trial.

Overstock filed a lawsuit in 2007, accusing a number of Wall Street brokerage firms of manipulating OSTK stock through a process known as short selling, in which the firms sold shares they didn’t own.

Over the quarter, Overstock suffered a net loss of $2.07 million, or 8 cents per share, compared to last year’s profit of $1.62 million, or 7 cents per share in the same quarter.

 

 

OSTK stock is down 17.24% Tuesday.

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