Overstock Shows Triple-Digit Percentage Growth In Q2
Overstock Shows Triple-Digit Percentage Growth In Q2
July 31, 2020
Overstock Shows Triple-Digit Percentage Growth In Q2
Overstock Shows Triple-Digit Percentage Growth In Q2
July 31, 2020

Overstock, the US-based blockchain-involved company, shows triple-digit percentage growth in Q2 compared to the same time in 2019.

On July 30, a public statement said:

“Total net revenue was $783 million, an increase of 109% year over year. Gross profit was $180 million or 23.0% of total net revenue, an improvement of 321 basis points year over year.”

It has been reported that the mainstream giant touts various areas of crypto involvement, including a blockchain wing known as tZERO.

However, Overstock gave it’s stock shareholders a new kind of dividend payout in May, a security token under the ticker OSTKO, a slight alteration from its mainstream stock ticker, OSTK.

As per the report, reporting showed top comparative volume for OSTKO among other security tokens, by June.

According to comments in the statement from Jonathan Johnson, the CEO of Overstock, entities under the purview of Overstock’s daughter outfit, blockchain company Medici Ventures, posted forward advancement, including tZERO.

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Johnson noted such businesses brought forth timely solutions in the face of current national issues.

He said:

“As an organization, Overstock remains focused, disciplined, and resilient as our employees execute against our strategic initiatives.”

He added:

“I am proud of the progress we have made, and I am confident that we can continue along this profitable trajectory. I look forward to providing a full update on our progress and performance during our earnings call.”

Thus, Overstock also tallied $62 million more than the same time period last year in terms of pre-tax retail income, while tZERO yielded 129% YoY net revenue gains, the stated result of volume from its daughter broker-dealer company SpeedRoute.

Source: Cointelegraph | Image: YouTube


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.