Overstock Announces Financial Losses In All Sectors, Including Blockchain in Gross Profits Q2 2019
The retail giant Overstock just released the newest data on its financial results for the second quarter of 2019 and the results are not as good as they were hoping for. According to them, their revenue decreased 23% and gross profit went down by 19%.
tZERO was also unable to get good results, despite this announcement, Overstock states they have a positive outlook due to adjusted earnings since 2017, and has successfully managed to cut expenses in other areas When compared to Q2 2018, tZERO was somewhat less profitable, mostly because it had no earnings from the Initial Coin Offering (ICO), which it held back in 2018.
tZERO accounted for just over 1% of the company’s revenue this quarter, meaning that it's crypto offerings are far from being the vanguard of the firm.
Crypto Business Is Still Strong
Despite the failure to grow in profitability, the crypto section of the retail giant is far from being in trouble. tZERO has recently revealed plans to trade its security tokens publicly soon via Medici Ventures.
The company has been offering crypto investments for a while now but is set to be the first time that the general public will be able to participate in the token sale. Before now, only accredited investors had access to the company’s offerings.
Overstock’s security token offering was held on August 2018 and was able to raise around $134 million USD for the company at the time.