Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer
based in Salt Lake City, Utah, that sells a wide variety of products at low
prices. Originally founded in early 1999, the company’s goal was to be the premier
seller of excess inventory on the web. Today, Overstock.com has expanded beyond
selling surplus inventory to offer a huge selection of consumer goods ranging
from furniture and home décor to cars. In an effort to better represent this
shift in business strategy, the company acquired the O.co URL in January 2011
and began incorporating it into parts of its brand, including, most notably,
its international and mobile businesses.
In the past, Overstock.com has proven itself adept at
adapting to evolving market trends, as demonstrated by its success in the
mobile space. Earlier this year, the company’s mobile app was named the Web
Marketing Association’s Best Shopping Mobile Application at the 2015 Mobile Web
Awards. This was the fourth consecutive year in which the company’s mobile app
has been honored. In total, the Overstock.com app has been downloaded more than
five million times, with 76 percent of mobile users becoming repeat customers.
Capitalizing on the sustained growth of the digital commerce
space, Overstock.com has achieved profitable results for the past four years.
In 2015, the company reported total revenues of $1.7 billion, marking an
increase of 11 percent over the previous year. Overstock.com’s net income for
the fiscal year totaled $2.4 million. As of December 31, 2015, the company
reported cash and cash equivalents of $170.3 million.
In recent weeks, Overstock.com has made considerable
progress toward building on its strong financial growth. For more than two
years, the company has been involved with the crypto currency Bitcoin in an
effort to gain familiarity with the highly disruptive potential of blockchain
technology. At the 41st Annual International Futures Industry Conference,
Overstock.com, through majority-owned subsidiary t0.com, demonstrated the
results of these efforts when it announced plans to complete the world’s first
public offering using proprietary blockchain technology. The company previously
issued the world’s first private blockchain crypto-bond in June 2015.
For more information, visit http://dtn.fm/6IroP
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