Overstock plummets 19% on slashed revenue forecast, CFO resignation (OSTK)

Posted On Oct 22, 2019 By admin With Comments Off

Facebook.com/ overstock

Shares of Overstock.com sold as much as 19% lower on Monday after the company announced the resignation of its chief financial officer and issued a warning that full-year retail earnings could miss previously targets set. Robert Hughes, who invest nine years working in senior management roles at Overstock, will step-in as acting CFO. Greg Iverson resigned from the role on September 17. Overstock said its retail business is currently bursting even, but its full-year profit guidance relied on generating substantial positive earnings in the third-quarter. The firm cited increased costs from excises as a primary move. The company’s former chief executive officer Patrick Byrne resigned from Overstock last August after realizing statements regarding the “Deep State, ” which transmitted shares of Overstock tumbling. Visit the Grocery Insider homepage for more narratives.

Shares of Overstock.com hurtled as much as 19% on Monday after the company said its chief financial officer was leaving the company. The retailer also published a warning that full-year retail earnings could miss estimations, primarily due to the impact of excises.

Overstock projected its retail business would generate $ 17.5 million in adjusted EBITDA in 2019. The house said during a press release on Monday that the retail business is currently divulging even, and its full-year forecasts relied on it engendering significant positive earnings by now. See the rest of the fib at Business Insider

NOW WATCH: This is the shortest route for a artery journey across the US to see 50 national landmarks

Read more: feedproxy.google.com

MailPrimo Elite World's No.1 and Most Powerful Cloud based Email Marketing Software to make them STOP Losing their Leads, STOP Paying Heavy Monthly Fees and Generate More Leads, Gets them Better Delivery, More Opens and Clicks completely hassle free...
Hydravid Syndicate Yearly Hydravid Syndicate Adds Incredible Power to your videos by syndicating them against an (almost) unlimited number of sites. Including the highest profile Social systems in the world And a guaranteed minimum of 100 additional posts per month.
LPRS - InstantPRCreator Create Quality Press Releases in mere Minutes That Are Actually Worth Reading! Crank Out Articles or Press Releases in No Time Flat.