Overstock (NASDAQ:OSTK) earnings for the online retail company’s second quarter of 2020 have OSTK stock on the rise Thursday. That’s thanks to its diluted earnings per share of 84 cents beating out Wall Street’s estimate for a loss of 8 cents. The company’s revenue of $782.54 million also blows past analysts’ estimates of $597.6 million.
Here’s are some additional highlights from the most recent Overstock earnings report.
- Diluted per-share earnings are up $1.53 compared to diluted losses per share of 69 cents in Q2 2019.
- Revenue for the quarter comes in 109% higher than the $373.71 million reported in the same period of the year prior.
- Operating income of $39.04 million is a positive switch year-over-year from an operating loss of $25.78 million.
- The Overstock earnings report also includes a net income of $34.38 million.
- That’s a major improvement from the company’s net loss of $27.63 million from the same time last year.
Jonathan Johnson, CEO of Overstock, said this about the earnings results.
“In a rapidly shifting and challenging environment, Overstock continues to perform exceptionally well. Second quarter gross sales in our Overstock Retail business more than doubled year over year. The number of new customers more than tripled year over year.”
Overstock isn’t providing guidance at this time due to the novel coronavirus. That makes sense with the pandemic making markets unpredictable. Many other companies are doing the same.
OSTK stock was up 25.9% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.