Beyond, Inc. has recently released its 10-Q report, providing a detailed look at its financial condition and operational performance. Beyond, Inc. is an e-commerce retailer of furniture and home furnishings products in the United States and Canada. The company operates through its e-commerce platform accessible through its mobile application, which includes bedbathandbeyond.com, bedbathandbeyond.ca, and overstockgovernment.com. It also offers businesses advertising products or services on its website, a service called Marketplace, product sales to international customers using third party logistics providers, and Supplier Oasis, a singular integration point that enables partners to manage their products, inventory, and sales channels.
In the 10-Q, Beyond, Inc. reported a 5.7% decrease in revenue for the three months ended June 30, 2024, compared to the same period in 2023. This decrease was primarily due to a 13% decrease in average order value, partially offset by an 8% increase in orders delivered. Gross profit decreased by 25.5% for the same period, primarily due to a decrease in gross margin, which decreased to 20.1% compared to 25.5% for the same period in 2023. This was primarily due to increased promotional discounting and carrier costs.
Sales and marketing expenses as a percent of revenue increased from 11.7% for the three months ended June 30, 2023, to 16.7% for the three months ended June 30, 2024, primarily due to increased performance marketing expense and increased brand advertising. Technology expenses totaled $27.3 million for the three months ended June 30, 2024, a $364,000 decrease compared to the three months ended June 30, 2023, primarily due to a reduction in staff-related expenses. General and administrative expenses decreased by $3.1 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, primarily due to a reduction in staff-related and third-party expenses.
The company's consolidated cash and cash equivalents balance decreased from $302.6 million as of December 31, 2023, to $186.2 million as of June 30, 2024. Beyond, Inc. also noted that it continues to monitor macroeconomic trends, including geopolitical events, higher interest rates, and inflation, which may negatively impact consumer confidence and consumer spending, potentially affecting its business and financial results.
The market has reacted to these announcements by moving the company's shares -9.8% to a price of $12.26. If you want to know more, read the company's complete 10-Q report here.
