Overstock.com reported first quarter results on Friday. Total revenue for the first quarter was $180.2 million, up 9 percent versus 2005, but the company experienced a net loss of $15.9 million in the first quarter.
Overstock.com's auction platform experienced gross merchandise volume of $8.079 million in the first quarter of 2006 compared to $5.602 million in the first quarter of 2005. The average registrant acquisition cost for auctions was $2.94 in the first quarter, down from $8.26 in the first quarter of 2005. The auction platform on Overstock.com turned one in October 2005.
Recently Overstock.com board of directors appointed Patrick M. Byrne chairman and chief executive officer, and Jason Lindsey president and chief operating officer (http://www.auctionbytes.com/cab/abn/y06/m04/i26/s02).
