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

Posted On Oct 22, 2019 By admin With Comments Off

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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

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