Specifically, Overstock.com notes performance from its Bed Bath & Beyond websites following their launches in Canada and the U.S. in June. The biggest detail bothering investors in OSTK stock today is the brand’s revenue for the quarter decreasing in the mid-teens year-over-year (YOY). It also saw a double-digit decrease from the same time last year since its U.S. launch.
Breaking down that data further, Bed Bath & Beyond saw orders increase in the mid-single-digit percent range YOY. However, the average order value dropped in the high teens when compared to the same period of the year prior.
Despite these results, Jonathan Johnson, CEO of the new Bed Bath & Beyond, said the following.
“Even in a challenging macro-economic environment, we acquired new customers and re-activated past customers. Our topline performance is improving steadily. We have experienced year-over-year order growth since the U.S. launch, led by orders from new customers.”
How This Affects OSTK Stock
Considering the earnings data included in this update, it’s not too surprising that shares of OSTK stock are seeing heavy trading today. As of this writing, more than 6.5 million shares have changed hands as investors sell the stock. For the record, the company’s daily average trading volume is closer to 2.6 million shares.
OSTK stock is down 23% as of Wednesday morning.
There’s more stock market news traders will want to read about down below!
We’ve got all of the juiciest stock market stories that investors need to know about on Wednesday! A few examples of that include what’s going on with stocks falling today, the latest news concerning GameStop (NYSE:GME), and why Enbridge (NYSE:ENB) stock is sliding lower. You can read about all of these matters by checking out the links below!
More Stock Market News For Wednesday
- Why Are Stocks Down Today?
- GME Stock Alert: GameStop’s on Watch Ahead of Earnings
- ENB Stock Alert: The $14 Billion Reason Enbridge Is Down Today
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.