NEW YORK (AP) — Overstock.com Inc. swung to a profit in the third quarter from a loss a year ago as buyers spent more per order and it cut its operating expenses. Its shares jumped 14 percent in midday trading.
The online retailer reported on Thursday net income of $2.7 million, or 11 cents per share, for the three-month period ended Sept. 30. It lost $7.8 million, or 33 cents per share in the same period a year ago.
Revenue rose 6.5 percent to $255.4 million from $239.7 million in the year-ago period. The gains were fueled by an increase in visitors and average order size, which offset fewer customer orders.
Operating expenses declined to $44.7 million in the quarter down from $46.3 million in the year-ago period.
Shares of Overstock.com, which is based in Salt Lake City, soared $1.46, or 13.4 percent, $12.41 in midday trading after rising earlier in the session as high as $12.69, their highest level since July 2011.
