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Overstock.com reported its Q3 2022 financial results, revealing total net revenue of $460 million, a 33% drop year-over-year. The company posted a gross profit of $107 million, or 23.3% of revenue, and a loss from continuing operations of $37 million. Despite these challenges, Overstock ended the quarter with over $400 million in cash and documented its largest sales day of 2022 during the Labor Day event. Active customers decreased by 33% to 5.8 million, but the average order value increased by 13% to $243.
Overstock.com has launched a new national campaign titled “C’mon, Get Comfy,” emphasizing their commitment to quality home furnishings at affordable prices. The campaign aligns with their vision of making dream homes accessible to all budgets, showcasing a wide array of products available on Overstock.com. The campaign's debut commercial features relaxing scenes, set to the iconic Partridge Family theme song, reinforcing the ease of creating a dream home. Partnerships with six prominent design influencers aim to enhance brand visibility and attract new customers through engaging content.
Overstock.com (NASDAQ:OSTK) plans to release its third quarter financial results for the period ending September 30, 2022, on October 27, 2022, before market opening. A conference call is scheduled for 8:30 AM ET on the same day, where company representatives will discuss the financial results and answer questions from participants. Interested parties can access the live webcast, presentation slides, and replay on Overstock's investor relations website. The press release also contains forward-looking statements regarding the company's financial outlook.
Medici Ventures, L.P., a blockchain-focused fund, announced its participation in SettleMint's Series A funding round, which raised approximately $16 million and closed on September 22, 2022. Overstock.com (NASDAQ:OSTK) is the sole limited partner of Medici Ventures. CEO Jonathan Johnson highlighted SettleMint's capability in integrating blockchain solutions into existing systems. The funds will primarily support expansion efforts in Europe, MEA, India, and Japan, along with plans to hire 60 new team members.
Overstock.com (NASDAQ:OSTK) announced its participation in two major upcoming investor conferences. CEO Jonathan Johnson and CFO Adrianne Lee will engage at the Piper Sandler Growth Frontiers Conference on September 13, 2022, in Nashville, TN, followed by the Raymond James Consumer Conference on September 15, 2022, in New York, NY. Johnson emphasized the company’s commitment to growth amid current economic challenges, focusing on long-term strategic goals and cost management. Overstock.com continues to provide a wide range of home products online, attracting millions of customers monthly.
Overstock.com (NASDAQ: OSTK) has successfully completed a $15 million investment in tZERO Group, marking its commitment to blockchain technology in capital markets.
This investment includes a first tranche of $7.5 million funded in February 2022, followed by a final tranche on August 22, 2022. Overstock's total ownership in tZERO now stands at approximately 55%, with a direct minority interest of 29%. tZERO aims to democratize access to capital markets by enhancing market efficiency and transparency.
Overstock.com reported its Q2 2022 financial results, with total net revenue hitting $528 million, a notable 34% decline year-over-year. The company achieved a gross profit of $121 million (22.9% of revenue) and diluted EPS of $0.12. Despite challenges like weak consumer sentiment and macroeconomic pressures, Overstock maintained profitability for the ninth consecutive quarter and ended with $443 million in cash. Significant operational highlights include a 29% drop in active customers but an 18% increase in net revenue per active customer.
Overstock.com (NASDAQ:OSTK) expressed support for the addition of Jim Shinn and Erik Bethel to Bitt’s executive team, enhancing its position in the central bank digital currency (CBDC) space. Overstock, as a limited partner in the Medici Ventures Fund, indirectly owns approximately 84% of Bitt. CEO Jonathan Johnson highlighted the strategic value this move brings, indicating a focus on advancing Bitt's capabilities while allowing Overstock to concentrate on its core e-commerce business. This aligns with their ongoing commitment to innovation in financial technology.
Overstock.com (NASDAQ:OSTK) plans to release its second quarter financial results for the period ended June 30, 2022, on July 28, 2022, prior to market opening. A conference call is scheduled for 8:30 AM ET that same day, where the company will discuss the results and answer participant questions. Interested individuals can access the live webcast and follow-up replay through the investor relations section of Overstock's website. The company emphasizes its role as a leading e-commerce retailer of home products, featuring a vast selection of items and a significant customer base.
