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Overstock.com net income soars in Q4
Salt Lake City – Overstock.com reported substantial increases in net income during the full year and fourth quarter 2013. During the full fiscal year, net income jumped 503% to $88.5 million from $14.7 million the prior fiscal year.
During the fourth quarter, net income rose an ever larger 737% to $73.6 million from $8.8 million. Revenue increased 19% during the full fiscal year to $1.3 billion from $1.09 billion, and grew 16% to $397.6 million from $342 million during the fourth quarter.
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Overstock adapts to Google search engine changes
Overstock said that it’s still adjusting to changes Google made to its search engine algorithms, which reduced the online retailer’s ranking in some search results during some periods. As a result, the company has had to emphasize other marketing channels, such as sponsored search.
Although sponsored search has generated revenue growth for the company, Overstock said that the move also incurs higher associated marketing expenses as a percentage of revenue than it had to pay prior to Google making its changes.