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Overstock Tumbles After Missing Fourth-Quarter Earnings Expectations

Jacob Sonenshine

were falling Monday after the discount e-tailer missed fourth-quarter expectations on both the top and bottom lines. Founder and CEO Patrick M. Byrne said losses in the e-commerce business "were nauseating and we reverted back to the philosophy of profitability on which we built Overstock." Therefore, "in 2019 Retail will return to profitability, generating a positive operating cash flow ≥ [greater than] $10M," he said. As for the company's blockchain business, Byrne said, "Our blockchain projects are some of the most significant and cutting edge in the world, and we are just reaching the point where our products are being introduced to the public.