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

SQZin 20 Agency Accounts Agency access to the worlds best lead generation/traffic building software Squeeze – Share – Profit! You know that content is king and that high-quality content leads to the best conversions.
Affiliate Super Pack - Complete Sales Funnel Kit You'll get a copy of the squeeze page, the thank you page, the giveaway report, the email follow up series, and the one-time offer page + step by step setup videos and BONUS software
xMails OTO6 : SellinMessenger Reseller Basic (250 Licenses) Кунад $5000 to $10,000 this week with ShotMessenger with Official Reseller rights Allowing you to make unlimited xMails Accounts for your Clients, and charge them monthly, yearly just like aweber, getresponse, mailchimp or a one-time high fee for the mo