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Overstock Falls After Third Quarter Report

Nov 10 2015


After the closing bell last night, Overstock reported their third quarter and the stock fell 6%. Last year the company made $1.6 million in the quarter but lost $2.1 million this year scaring investors. Revenue was strong but that wasn’t enough to offset the lose. Revenues came in 11% higher at $401.6 million.

The company saw some decreased traffic after recent changes in the Google search rankings. To compensate for the lose in visits, the company has increased its paid ad placement and sponsored search but those more costly methods have made profitability more difficult.

The company hopes to win a lawsuit against Goldman Sachs and Morgan Stanley for short selling the stock.

Overstock CEO Patrick Byrne announces new financial technology innovations

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