Overstock.com (NASDAQ:OSTK) is down 11% after disappointing results in what CEO Patrick Byrne called a "terrible" quarter.
Revenue was down 13% for the period, due in part to what appears to be a collapse in search results. Byrne explained on the conference call (transcript) as he posted a slide on SEO.
"On the upper left-hand corner of the slide, you will see a – our recent SEO performance. And ours is the red line, Amazon is the mustard, Wayfair is the second from the top. And this is terrible. Remember, this was 45% of our 40%, 45% of our business a year ago. It collapsed. Our SEO collapsed, and especially confusing or probably because we’ve always been great with Google other than hitch here or there, different theory just to what’s going on, this may be due to they switched to a machine learning and algorithm last May."
Byrne also updated on the company's cooperation with the SEC investigation and investment in the new Ravencoin cryptocurrency ($0.243).
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