Overstock.com gains after pointing to late quarter improvement
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Overstock.com (NASDAQ:OSTK) tracked higher in early trading on Thursday after posting a narrower loss for Q1 than analysts anticipated.
Revenue fell 29% during the quarter to $381M, but adjusted EBIDTA remained in positive territory with a tally of $3M. Active customers fell 35% to 4.8M and orders delivered were down 29%.
OSTK said its revenue trend improved each month during the quarter, with a more meaningful improvement in late Q1. "We continued to navigate a highly competitive landscape to deliver healthy gross margins," noted CEO Jonathan Johnson. "While the economic and consumer environment remains uncertain, our strong cash position allows us to focus on executing our plans for the year and continue to deploy new strategies to drive growth," he added.
Shares of Overstock.com gained 3.71% in premarket trading to $18.74 vs. the 52-week trading range of $17.05 to $39.24.