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Overstock.com: Year-end revenues fall far short of Byrne?s hype

By Tracy Coenen

If Patrick Byrne is good at anything, it’s hyping Overstock.com (NASDAQ:OSTK) when the company is not deserving of the hype. To hear him tell it in real time, everything is rosy and the company is doing stellar and investors will surely be impressed. (It’s only a couple of years later that he admits to “screwing up” the company.)

The fourth quarter earnings release showed quarterly revenue up 2% to $300 million, and annual revenue down 2% to $768.8 million. Neither of these are particularly impressive.

And they are even less impressive when you look at them in conjunction with an interview Patrick Bryne gave CNBC on December 7, 2007. According to the company’s press release about the interview: (more…)

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Full post as published by The FRAUDfiles Blog on February 12, 2008 (boomark / email).