Overstock earnings for the fourth quarter of 2018 have OSTK stock taking a beating on Monday.
Overstock (NASDAQ:OSTK) reported losses per share of $1.39 for the fourth quarter of the year. This is better than the company’s losses per share of $3.72 from the same time last year. However, it was still a blow to OSTK stock by missing Wall Street’s losses per share estimate of 91 cents for the quarter.
Net loss reported in the Overstock earnings release for the fourth quarter of 2018 comes in at $42.33 million. The internet retail company’s net loss from the fourth quarter of 2017 was $95.69 million.
The Overstock earnings report for the fourth quarter of the year also includes an operating loss of $48.44 million. This is a wider operating loss than the $22.72 million reported in the same period of the year prior.
Overstock earnings for the fourth quarter of 2018 also have revenue coming in at $452.55 million. This is a drop from the company’s revenue of $456.29 million for the fourth quarter of the previous year. It was also horrible news for OSTK stock by coming in below analysts’ revenue estimate of $474.15 million for the period.
“Our retail arm lost money last year because I gunned things in an attempt to create a conventional high-growth/money losing e-commerce business, but the losses were nauseating and we reverted back to the philosophy of profitability on which we built Overstock: as a result, in 2019 Retail will return to profitability, generating a positive operating cash flow ≥ $10M,” Patrick Byrne, founder and CEO of Overstock, said in a statement.
OSTK stock was down 5% as of Monday morning.
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As of this writing, William White did not hold a position in any of the aforementioned securities.