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Overstock Shares Fall After Earnings Miss And Customers LeaveOverstock Shares Fall After Earnings Miss And Customers LeaveBarron's (Online); New York Shares of Overstock.com dropped more than 8% in premarket on Thursday after the online shopping site missed Wall Street expectations for the first quarter. Overstock (ticker: OSTK) which is an online platform for furniture, home decor, rugs and other household items, said first-quarter net income fell to $10 million, compared with $16 million for the same period a year earlier. On a per-share basis, earnings were 21 cents, down from 56 cents a year ago and below estimates of 23 cents based on analysts polled by FactSet. Revenue fell 19% year-over-year to $536 million for the period, lower than the $577 million analysts had forecast. Overstock shares have fallen more than 46% so far in 2022. Active customers fell 26% from a year earlier to 7.4 million. The company said it delivered one third fewer orders compared with the prior year, but its average order value increased 21% to $221. "We anticipated the first quarter would be difficult considering the significant acceleration in sales last year driven by both operational improvements and pandemic-related factors," said Overstock CEO Jonathan Johnson . "What we could not have anticipated was the magnitude of the impact of inflation coupled with an adverse geopolitical environment, which ultimately impacted consumer sentiment." |
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