earned more than expected in the last quarter, but announced a drop in the number of orders it filled, triggering a dip in its share price, a profit, and then another drop.
The online retailer, primarily focused on furniture, (ticker: OSTK) posted earnings per share from continuing operations of $1.72, from $795 million in revenue. The consensus on Wall Street was that earnings would be 67 cents per share and revenue would be $767 million.
The stock fell 1.9% in early trading to $74.01, after reaching as high as $77.45. Year-to-date, Overstock is up 56%. While the
increased by 17.8% over the same period.
During the second quarter, Overstock’s active customer base increased 31% year-over-year to 9.2 million, while revenue per active customer increased 20% to $310. Average value per order increased 33% year-over-year, but the number of orders delivered decreased by 22%.
“The furniture and home furnishings market is large and growing,” CEO Jonathan Johnson said in a statement. “We expect this market to benefit from strong and sustained demand and continue to migrate online over time. Overstock remains well positioned to capture market share and maintain its profitable trajectory through the remainder of 2021 and beyond.”
Earlier this year, Overstock announced a partnership with Pelion Venture Partners to oversee its Medici Ventures portfolio of 19 blockchain technology companies. Overstock posted a net profit of $228 million following the closing of the transaction during the quarter. Including those earnings, earnings per share came in at $6.47.