Canadian online retailer Overstock.com said that in its 4th quarter earnings report, released March 18, it will compensate for its significant losses for 2018, returning profits to this.
Overstock, who is known as one of the first large retailers to adopt Bitcoin (BTC), experienced a drop in profitability last year as a result of a change in strategy, which, according to CEO Patrick Byrne, will now change.
“Last year, our retail chain lost money because I was trying to create a traditional e-commerce business with high growth and money loss, but the losses were nauseous and we returned to the philosophy of profitability on which we built Overstock
As part of the 4th quarter crisis, Byrne paid special attention to the tZERO token cryptocurrency platform of Overstock, which was launched in January.
TZERO’s pretax losses in the fourth quarter were $ 12.6 million, but Byrne’s potential for the new platform was discouraged by numbers.
“Our blockchain projects are among the most significant and advanced in the world, and we have only reached the point where our products are presented to the public. In particular, tZERO has opened a platform for trading tokens in security, ”he added in a letter to a shareholder.
Earlier in March, the main sponsors of tZERO announced a significant reduction in investment in the project.
However, in the fourth quarter, total profits amounted to more than $ 80 million, and Overstock seems to have widely isolated itself from the downturn in the cryptocurrency market, which has accelerated over this period.
As previously reported, mining companies, in particular, suffered the brunt of the fall in Bitcoin prices from about $ 6,500 to $ 3,100 in November, and the earnings report of the equipment manufacturer Nvidia painted a clearly mixed picture.
