DJ Overstock.com Trades Higher After Swinging to 2Q Profit
By Matt Grossman
Overstock.com Inc. shares climbed Thursday morning after the company reported swinging to a second-quarter profit in a three-month period that saw significant new customer growth.
The company's shares rose 25.9% to $75.25, after closing Wednesday at $60.74.
Earlier Thursday morning, the Salt Lake City-based internet seller reported a second-quarter profit of 84 cents a share, compared with a loss of 69 cents a share in last year's second quarter.
Newly acquired retail customers grew 205% year over year, Overstock.com said, as a higher share of gross sales--50.8%--came from orders placed on mobile devices. Retail gross sales, the amount paid for products and shipping before coupons and discounts, and excluding reductions for returns, rose to $1.01 billion. In last year's second quarter, the figure was $471.4 million.
Revenue increased to $782.5 million from $373.7 million in the prior-year period.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 30, 2020 11:53 ET (15:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.