Overstock (NASDAQ:OSTK) stock is falling 8% in Thursday premarket trading after the online retailer's Q2 results fell short of Wall Street expectations, highlighting a slump in active customers as well as orders delivered.
During the second quarter, the company repurchased $34.9M of its common stock at an average price of $30.69, compared with $28.28 at Wednesday's close.
Q2 revenue of $528.1M missed the consensus of $600.7M and slipped from $794.5M in Q2 of last year.
Expenses totaled $109.6M at June 30, down from $138.3M in the year-ago period.
Operating income for Q2 slid to $11.5M from $36.5M in Q2 a year ago.
Q2 adjusted EBITDA of $20.76M dropped from $44.36M over the past year.
Active customers were 6.49M at June 30 vs. 9.17M at June 30, 2021.
Q2 orders delivered came in at 2.14M compared with 3.74M in Q2 2021.