Overstock Swings to Profit, Shares Spike
Overstock.com swings to a fourth-quarter profit that beats expectations, sending shares soaring.
NEW YORK (
) --
Overstock.com
(OSTK) - Get Report
is surging after it swung to profit in the fourth quarter, significantly topping Wall Street's forecast.
During the quarter, the online closeout retailer earned $12.7 million, or 55 cents a share, compared with a loss of $705,000, or 3 cents, in the year-ago period. Analysts were looking for a profit of 45 cents a share from Overstock.
Overstock's revenue jumped 27% to $322.4 million from $253.8 million last year.
Shares of Overstock are spiking 19.6% to $16.39 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
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