Why Shares of Overstock Jumped Today

Shares of Overstock (NASDAQ: OSTK) have jumped today, up by 5% as of 1:30 p.m. EDT, after the company reported first-quarter earnings. The e-commerce specialist also provided investors with some updates on how the COVID-19 pandemic is impacting the business.

Revenue in the first quarter declined 4% to $352 million, well above the $332.3 million in sales that Wall Street was looking for. That resulted in a net loss per share of $0.40, also better than the consensus estimate of $0.63 per share in red ink. The coronavirus has increased demand on e-commerce platforms as consumers stay home.

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Source Fool.com