Overstock Announces First Quarter 2022 Financial Results | News | bakersfield.com – The Bakersfield Californian

Eighth consecutive quarter of profitability

Repurchased shares and ended quarter with strong cash position

SALT LAKE CITY, April 28, 2022 (GLOBE NEWSWIRE) — Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results for the quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights, from continuing operations

“We delivered our eighth consecutive quarter of profitability in line with our stated adjusted EBITDA margin targets, even in a difficult macro environment. While the 19% revenue decline was more than we expected, I am pleased that, based on third party data, we held our market share consistent with Q4 levels.” said Overstock CEO Jonathan Johnson. “We anticipated the first quarter would be difficult considering the significant acceleration in sales last year driven by both operational improvements and pandemic-related factors. What we could not have anticipated was the magnitude of the impact of inflation coupled with an adverse geopolitical environment,…

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