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Overstock Shows Triple-Digit Percentage Growth In Q2

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.

Overstock looks back on positive Q2 numbers after giving shareholders $OSTKO security tokens, @benjaminpirus reports — Cointelegraph (@Cointelegraph) July 30, 2020

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.

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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