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Overstock.com Presents Q3 Financial Results, Opens Access to Bitsy Wallet

Cryptocurrency NewsNov 09, 2018 09:40AM ET
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© Reuters. Overstock.com Presents Q3 Financial Results, Opens Access to Bitsy Wallet

US-based e-commerce retailer Overstock.com (NASDAQ:OSTK), a company listed on NASDAQ with the ticker OSTK, recently presented its financial report for the third quarter, which ended September 30. Blockchain-related operations is now among Overstock’s main drivers. The company owns tZero, which provides blockchain technology solutions aimed at the security tokens space and capital markets, and Medici Ventures, the blockchain-oriented venture capital arm of Overstock.

The total revenue of the company increased 4% to $440.6 million against $424 million recorded in the same period last year. The gross profit also rose 4%, from $83.7 million in Q3 2017 to the current figure of $86.7 million. The gross margin stayed unchanged but was negatively impacted by increased promotional operations, which pushed the sales and marketing expense indicator up 23% compared to the third quarter of 2017. The net loss attributable to Overstock stockholders was $47.9 million or $1.55 per share, against a loss of $800,000 or $0.03 per shares recorded in Q3 2017.

The quarterly report was presented through a conference call that also touched upon the company’s updated roadmap and plans, including those related to tZero and Medici Ventures.

During the call, Overstock founder and CEO Patrick M. Byrne, along with other executives, noted that tZero aimed to become a leading player of the emerging security token industry. tZero itself r...


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Overstock.com Presents Q3 Financial Results, Opens Access to Bitsy Wallet
 

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