Overstock (NASDAQ:OSTK) stock is surging higher on Thursday following the release of the company’s earnings report for the third quarter of 2021.
Let’s hop into that news below to see why holders of OSTK stock are excited today!
- Starting off the report is adjusted earnings per share of 54 ents.
- Investors are happy about that as it beats out Wall Street’s estimate of 47 cents per share.
- It’s also a positive change from the -23 cents reported during the same period of the year prior.
- Next up Overstock reported revenue of $689.39 million.
- That also came in above analysts’ estimates of $682.83 million for Q3.
- Even if it is a 4% drop compared to revenue in the third quarter of 2021.
- Another highlight for OSTK stock in the report is active customers reaching 8.7 million.
- That’s a 5% increase year-over-year.
- The Last Twelve Months net revenue per active customer was $325 million.
- This is a 23% increase compared to the same time last year.
- While total orders delivered dropped 22% to 3.2 million, average order value increased 24% to $214.
Jonathan Johnson, CEO of Overstock, said this about the Q3 earnings boosting OSTK stock today.
“Online penetration of the home furniture and furnishings market remains strong and appears to be sticking as customers recognize the broad assortment, value, and ease of shopping for home furniture and furnishings online. We continue to deliver sustainable, profitable market share growth and remain committed to doing so through the remainder of 2021 and beyond.”
With strong earnings comes an increase in trading for OSTK stock today. This has some 3 million shares trading as of this writing. That’s more than double the stock’s daily average trading volume of 1.2 million shares.
OSTK stock was up 21.3% as of Thursday morning.
Investors looking for more stock news today will want to keep reading!
We’re diving into the biggest stock market stories today with our expert insight. That includes HCW Biologics (NASDAQ:HCWB) stock rising on FDA news, GlobalFoundries going public today, as well as what’s happening with Chinese stocks. You can get up to speed on that from the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.