Overstock.com (NASDAQ:OSTK) is down 11% after disappointing results in what CEO Patrick Byrne known as a "bad" quarter.
profits became down 13% for the length, due in part to what appears to be a fall down in search outcomes. Byrne defined on the convention call (transcript) as he posted a slide on search engine optimization.
"On the higher left-hand corner of the slide, you are going to see a – our contemporary search engine optimization efficiency. And ours is the crimson line, Amazon is the mustard, Wayfair is the 2d from the good. And here's bad. bear in mind, this became forty five% of our 40%, 45% of our company a year ago. It collapsed. Our website positioning collapsed, and particularly perplexing or doubtless as a result of we've always been superb with Google other than hitch here or there, different idea simply to what's happening, this can be as a result of they switched to a machine studying and algorithm closing may also."
Byrne additionally updated on the enterprise's cooperation with the SEC investigation and funding in the new Ravencoin cryptocurrency ($0.243).
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