Overstock.com’s income falls, revenues higher
Overstock.com’s net income fell by almost 50 percent in the quarter ending June 30, but the Salt Lake City-based company still posted a profit for the 10th straight quarter.
Company CEO Patrick Byrne said Thursday that net quarterly income was $1.9 million, or 8 cents per share, down from $3.7 million, or 15 cents a share, in the same quarter in 2013.
Revenues were a bright spot for the online sales company, jumping 13 percent year-over-year to $332.5 million.
"Our increases in technology spending have supported an innovation cycle that has spun up to the point that we can conceive and execute on ideas much faster than at any previous time in our existence," Byrne said.
He also noted that a federal appeals court in California will hear oral arguments Aug. 15 on an Overstock.com lawsuit against Goldman Sachs and Merrill Lynch.