Company StrategyFor Overstock, playing a traditional ecomm game as a lower-priced Wayfair without a lower cost structure is no longer viable, and the pivot towards becoming a liquidator is unproven with core business also in transition.
Financial PerformanceNet revenue inline with guidance but slightly below consensus with EPS and adjusted EBITDA losses wider, and 2024 revenue guidance for $2B was not reiterated.
Management CredibilityManagement faced challenges in effectively communicating its revised vision to investors and took down the '24 goals, indicating a backtrack on previous financial targets.