Overstock.com saw its share price jump 25 percent this week after an impressive Q2 earnings report.
While Wall Street analysts predicted a negative quarter for the online home goods retailer, Overstock stunned investors on Thursday when it revealed that it brought in a record-high $782.5 million in net revenue.
"It was really gratifying to see new customers finding us, experiencing our website, and coming back and purchasing more," Jonathan Johnson, CEO of Overstock.com, told Cheddar Friday.
Johnson credits stay-at-home mandates during the second quarter for his company's success, as workers filled out home offices and residents decided to transform their backyards into private outdoor oases.
"There were a lot of people that were eager to get to the outside of their home in their yards and make them lovely with Overstock purchases," Johnson said. "We did see an early tick up in patio furniture — things for the outdoors like swing sets, above-ground pools."
While Johnson thinks predicting what the pandemic will bring next is a near-impossible task, he still believes a high level of demand can be sustained for the foreseeable future.
"I'm not sure consumers are ready to storm the stores again. I think online's going to be particularly strong," Johnson said, adding that Overstock intended to live up to its name. "Our partners are bringing in product as we speak."
Visa is hoping to hand your credit card to an artificial intelligence “agent” that can find and buy clothes, groceries, airplane tickets and other items on your behalf.
Skift Editor-In-Chief Sarah Kopit discusses how summer travel plans remain uncertain for most as many international travelers are leery to travel abroad. Watch!
Seth Schachner, Managing Director at Strat Americas, on Hollywood's latest blockbusters utilizing content creation. Plus, the future of YouTube and TikTok.
Ashley Gold, Axios' Tech/Policy reporter, discusses what the future of Google and search engines will look like after the tech giant faces an antitrust trial.
A labor rights group has alleged that Starbucks sourced coffee from a major Brazilian cooperative whose member farms were cited for keeping workers in slave-like conditions.
X, the social media platform owned by Trump adviser Elon Musk, is challenging the constitutionality of a Minnesota ban on using deepfakes to influence elections and harm candidates.
