In its second-largest acquisition, Amazon buys the company for $970 million.
Overstock.com, a marketer of excess merchandise, reported a year-over-year rise in third-quarter gross merchandise sales of 57%, to $61 million from $38.8 million. Revenue more than doubled to $57.8 million, but its net loss grew to $3.7 million.
Overstock.com, a marketer of excess merchandise, reported a year-over-year rise in gross merchandise sales of 57%, to $61 million from $38.8 million, for the third quarter ended Sept. 30. It reported total Q3 revenue of $57.8 million, more than double the $23.8 million a year ago, and a Q3 net loss of $3.7 million, compared to a net loss of $371,000 a year ago.
"While our revenue took a sharp turn upward this quarter, I am concerned by our loss," said president and CEO Patrick M. Byrne. "However, much of our incremental expenses during the quarter reflect investments in the business that I believe make us a much stronger company." Those investments include a new site search engine, its first-ever nationwide radio and TV advertising campaign, and a discount travel services section.
"I believe the investments we made this quarter in scale and in these projects are the right decisions for creating long-term shareholder value," Byrne said.
Overstock said Q3 gross profit declined 7% year-over-year to $4.3 million from $4.6 million.