Total net revenue declined 16.6% year-over-year (YoY) to $311 million compared to an estimate of $352.77 million.
Shares of Beyond Inc ($BYON) plunged over 32% on Thursday after the firm reported third-quarter results that fell short of Wall Street expectations.
Total net revenue declined 16.6% year-over-year (YoY) to $311 million compared to an estimate of $352.77 million. The company posted a net earnings loss of $0.96 versus an estimated loss of $0.78. On a year-over-year basis, net loss narrowed to $61 million compared to a loss of $63 million last year.
Chief Financial and Administrative Officer Adrianne Lee said the recent sale of the firm’s headquarters is expected to close in the fourth quarter. Lee also announced a $20 million annualized reduction in staff-related expenses.
“All in, we expect to have reduced our fixed expense base by an annualized $65 million heading into 2025,” Lee said.
The firm witnessed a 19% YoY decline in orders delivered to 1.6 million. However, active customers rose 21% YoY to 6 million.
The firm’s current focus lies on strengthening its core asset-light e-commerce business and transforming it to an affinity marketing model. Beyond is still in the early stages of creating a data cooperative that will serve as the affinity and loyalty program foundation.
The company reported cash and cash equivalents of $140 million at the end of the third quarter.
Following the announcement, retail sentiment on Stocktwits fell deeper into the ‘extremely bearish’ territory (5/100), accompanied by ‘extremely high’ message volume.
One Stocktwits user believes the shares could probably fall below the $3 mark.
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