Overstock.com earnings for the first quarter of 2019 have OSTK stock up on Thursday.
Starting off the good news for Overstock.com (NASDAQ:OSTK) is the company increasing it guidance for 2019. This has the company upping its Retail Adjusted EBITDA guidance for the year from $10 million to $15 million.
Overstock.com says that there are a couple of reasons for this increase. This includes the company’s Retail division increasing its gross margin guidance for 2019 from $160 million to $165 million. The company also notes that it is been reducing costs by about 25% to make it a leaner organization.
The Overstock.com earnings report also includes good news for its search engine optimization (SEO). It notes that it has seen seven consecutive months of sequential increases. If it can keep this up for six more months, it will see a full SEO recovery.
The Overstock.com earnings report also includes the company bringing in revenue of $367.70 million. This is down from its revenue of $445.50 million from the same time last year. However, it was still a boon to OSTK stock by beating out Wall Street’s revenue estimate of $360.91 million for the period.
Losses per share in the most recent Overstock.com earnings report come in at $1.18. This is better than the company’s losses per share of $1.74 from the first quarter of 2018. Unfortunately, it doesn’t come in above analysts’ losses per share estimate of 93 cents for the quarter, but wasn’t hurting OSTK stock.
OSTK stock was up 12% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.