Beyond (NYSE:BYON) shares are ticking lower today after the online furniture and home furnishings provider posted mixed fourth-quarter results. The company also announced major changes to its C-suite.
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Beyond’s brand portfolio includes Overstock, Bed Bath & Beyond, and other online names. The company is focusing on user acquisition to drive margins and profitability. In Q4, Beyond’s top line declined by 5% year-over-year to $384.5 million. Still, the figure came in better than expectations by $38.5 million. Net loss per share of $1.22, on the other hand, came in wider than estimates by $0.46.
At the same time, the company’s active customer count rose by 9% year-over-year to 5.6 million in Q4. Further, its order deliveries rose to 2.55 million from 1.88 million in the year-ago period. With a focus on an asset-light model, Beyond announced annualized cost reductions of $25 million in December. It now aims to increase this run rate to $45 million. The company plans to generate revenue of $2 billion in 2024 and ramp up this figure to $3 billion by the end of next year.
Further, Beyond has appointed Chandra Holt as the CEO of Bed Bath & Beyond and Dave Nielsen as the CEO of Overstock. It has expanded CFO Adrianne Lee’s role to Chief Financial and Administrative Officer.
What Is the Price Forecast for Beyond Stock?
Shares of the company have rallied by nearly 68% over the past three months. Overall, the Street has a Moderate Buy consensus rating on Beyond, and the average BYON price target of $32 points to a 19.6% potential upside in the stock. Following today’s Q4 print, analysts’ ratings for the stock could see changes over the coming days.
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