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Overstock's stock tumbles after wider-than-expected loss, surprise revenue decline

Tomi Kilgore

Shares of Overstock Inc. tumbled 6.6% in premarket trade Monday, after the online retailer and blockchain technology company reported a wider-than-expected fourth-quarter loss as revenue surprisingly declined. The net loss narrowed to $42.3 million, or $1.39 a share, from $95.7 million, or $3.72 a share, in the same period a year ago. The FactSet loss-per-share consensus was 84 cents. Total revenue fell to $452.5 million from $456.3 million, while the FactSet consensus called for a rise to $474.1 million. The company said orders declined 4%, as sales and marketing expenses declined 13%, and that promotional activities increased. Overstock's stock has soared 60.4% over the past three months but has dropped 55.3% over the past 12 months, while the S&P 500 has gained 10.9% the past three months and tacked on 2.6% the past year.