Overstock, Bed Bath & Beyond Owner Reports Lower Sales And Wider Loss In Q3, Aims To Cut $65M In Fixed Costs By 2025
Portfolio Pulse from Vandana Singh
Beyond, Inc. (NYSE:BYON), the parent company of Overstock, Bed Bath & Beyond, and Zulily, reported disappointing Q3 2024 earnings with lower sales and a wider loss than expected. The company aims to cut $65M in fixed costs by 2025 and is transforming its business model.
October 24, 2024 | 3:09 pm
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Beyond, Inc. reported lower-than-expected Q3 2024 earnings with a significant drop in sales and a wider loss. The company plans to cut $65M in fixed costs by 2025 and is shifting to a new business model. The stock fell 27% following the news.
The earnings report showed a significant miss on both sales and EPS, leading to a 27% drop in stock price. The company's plan to cut costs and shift its business model indicates a strategic pivot, but the immediate financial results are negative.
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