NEW YORK - Beyond, Inc. (NYSE:BYON) shares fell 6% in premarket trading on Thursday after the ecommerce company reported third quarter results that fell short of analyst expectations.
The company posted an adjusted loss per share of $0.96, wider than the $0.78 loss analysts were expecting. Revenue came in at $311 million, missing estimates of $352.77 million and declining 16.6% year-over-year.
"We delivered sequential improvement in gross margin and continued to recognize the benefits of our cost reduction actions, ultimately delivering against our commitment to improve adjusted EBITDA," said Adrianne Lee, Chief Financial and Administrative Officer.
Beyond said orders delivered decreased 19% YoY to 1.6 million in Q3. However, active customers increased 21% to 6.0 million. Gross profit was $66 million, or 21.2% of total net revenue.
The company recently announced the sale of its headquarters, expected to close in Q4, and a $20 million annualized reduction in staff-related expenses. Beyond expects to have reduced its fixed expense base by an annualized $65 million heading into 2025.
"We are focused on driving specific actions to strengthen our core asset-light ecommerce business and transforming Beyond to an affinity marketing model," said Dave Nielsen, President.
Beyond ended the quarter with $140 million in cash and cash equivalents.
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