Overstock.com (OSTK) Tops Q3 EPS by 73c, Revenues Rise 111%

Overstock.com (NASDAQ: OSTK) reported Q3 EPS of $0.50, $0.73 better than the analyst estimate of ($0.23). Revenue for the quarter rose 111% to $732 million versus the consensus estimate of $579.89 million.

"After a record-setting second quarter, we maintained our momentum, continued to outperform expectations, and grew faster than competitors in the third quarter," said Overstock CEO Jonathan Johnson. "Our quarterly gross sales in our Retail business doubled year over year once again and new customers grew 141%. These new customers are making repeat purchases at an increasing rate. Heading into the fourth quarter, I am as confident as ever in our Retail business maintaining sustainable, profitable market share growth."

"Our Medici Ventures blockchain-based businesses also continue to make meaningful advancements," said Johnson. "tZERO received FINRA approval to provide retail brokerage services for digital securities through its subsidiary, tZERO Markets, which officially launched last week. Several of our Medici Ventures companies are raising capital, most are getting products into production, and many are generating revenue. Our organization remains focused and disciplined. We continue to execute against our strategic initiatives that are driving growth and delivering profitability. I look forward to providing an update on our progress and performance during our earnings call."

For earnings history and earnings-related data on Overstock.com (OSTK) click here.

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