Overstock second quarter earnings: revenue fell 23%; blockchain subsidiary tZERO business is steadily advancing

According to Cointelegraph, retail giant Overstock announced its second quarter earnings report for 2019. The financial report showed that the company's second-quarter revenue fell 23% and gross profit fell 19%. Overstock said in a shareholder statement released on August 8 that its blockchain subsidiary, tZERO, is pushing its business as planned, with a focus on six key areas – especially securities-based tokens. Although the latest results show that most of the indicators have declined, Overstock's first realized profit before interest, depreciation and amortization (EBITDA) since the second quarter of 2017 is positive. In addition, gross profit margin increased by 79 basis points from the previous quarter, while sales and marketing expenses decreased by 63% during the same period. In addition, tZero announced a pre-tax loss of nearly $10 million and affected the general management (GA) expenses of its parent company.