Overstock.com Inc (NASDAQ:OSTK) is trading higher Wednesday after the company announced its fourth-quarter financial results.
Overstock said quarterly revenue declined 9% year-over-year to $612.66 million, which came in below the estimate of $657.39 million. The company reported adjusted earnings of 36 cents per share, which came in below the 39 cent estimate.
"Navigating the operating environment in our industry during the fourth quarter was challenging. Despite challenges, we were committed to delivering on our profitability targets—and we did just that, driven in part by our largest Thanksgiving through Cyber Monday—or Cyber Five—period in the company's history," said Jonathan Johnson, CEO of Overstock.
Overstock's tZERO ATS also announced that it successfully launched support for clearing and settlement securities transactions for itself and its broker-dealer affiliates.
OSTK Price Action: Overstock has traded as low as $35.67 and as high as $111.28 over a 52-week period.
The stock was up 34.9% at $48.93 at time of publication.
