Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah, that sells a wide variety of products at low prices. Originally founded in early 1999, the company’s goal was to be the premier seller of excess inventory on the web. Today, Overstock.com has expanded beyond selling surplus inventory to offer a huge selection of consumer goods ranging from furniture and home décor to cars. In an effort to better represent this shift in business strategy, the company acquired the O.co URL in January 2011 and began incorporating it into parts of its brand, including, most notably, its international and mobile businesses.
In the past, Overstock.com has proven itself adept at adapting to evolving market trends, as demonstrated by its success in the mobile space. Earlier this year, the company’s mobile app was named the Web Marketing Association’s Best Shopping Mobile Application at the 2015 Mobile Web Awards. This was the fourth consecutive year in which the company’s mobile app has been honored. In total, the Overstock.com app has been downloaded more than five million times, with 76 percent of mobile users becoming repeat customers.
Capitalizing on the sustained growth of the digital commerce space, Overstock.com has achieved profitable results for the past four years. In 2015, the company reported total revenues of $1.7 billion, marking an increase of 11 percent over the previous year. Overstock.com’s net income for the fiscal year totaled $2.4 million. As of December 31, 2015, the company reported cash and cash equivalents of $170.3 million.
In recent weeks, Overstock.com has made considerable progress toward building on its strong financial growth. For more than two years, the company has been involved with the crypto currency Bitcoin in an effort to gain familiarity with the highly disruptive potential of blockchain technology. At the 41st Annual International Futures Industry Conference, Overstock.com, through majority-owned subsidiary t0.com, demonstrated the results of these efforts when it announced plans to complete the world’s first public offering using proprietary blockchain technology. The company previously issued the world’s first private blockchain crypto-bond in June 2015.
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