Overstock.com Inc OSTK shares were trading lower Monday after the e-commerce company revised its third-quarter retail guidance and announced Jonathan Johnson will take over as interim CEO.
On its last earnings call, Overstock.com issued guidance of an expected $17.5 million in adjusted EBITDA from the retail business in 2019.
The guidance was based on "significant positive EBITDA" in the third quarter, but actual results are at a break-even point to date, Overstock said.
"These results are below the company’s expectations. The company still anticipates modest positive adjusted EBITDA in the fourth quarter and will give updated guidance during its third-quarter earnings call," according to Overstock.
CEO Patrick Byrne resigned last month.
Overstock also announced Robert Hughes as acting CFO.
Overstock shares were trading down 15.16% at $12.70 at the time of publication. The stock has a 52-week high of $31.40 and a 52-week low of $8.96.
Related Links:
Patrick Byrne Resigns As CEO Of Overstock
Overstock CEO Says Company's Retail Business Has Multiple Suitors
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