- Overstock.com Inc (NASDAQ:OSTK) reported a second-quarter FY22 sales decline of 33.5% year-on-year, to $528.12 million, missing the consensus of $621.02 million.
- Active customers decreased 29% Y/Y to 6.5 million. Orders delivered fell 43% Y/Y to 2.1 million, and the average order value gained 16% Y/Y to $247.
- EPS of $0.19 missed the analyst consensus of $0.36.
- Gross profit fell 30.7% Y/Y to $121 million with a gross profit margin of 22.9%.
- The operating margin was 2.2%, and operating income for the quarter declined 68.4% to $11.5 million.
- Adjusted EBITDA decreased to $20.8 million from $44.4 million last year.
- The company held $442.8 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for six months amounted to $21.8 million.
- “Our disciplined execution and differentiated asset-light operating model allowed us to remain profitable for the ninth consecutive quarter, even with weak consumer sentiment, ongoing macroeconomic and geopolitical volatility, higher inflation, and significant competitive pressures including competitors liquidating their excess owned inventory,” said CEO Jonathan Johnson.
- Price Action: OSTK shares are trading higher by 7.25% at $30.33 on the last check Thursday.
Roblox Remains Painfully Expensive With Ample Room For Further Deterioration, Analyst Says
Needham analyst Bernie McTernan reiterated his Buy on Roblox Corp (NYSE:RBLX) and raised the price target to $42 from $39. Following a…
