Beyond, Inc. ( BYON ) stock is trading lower on Thursday after it released its third-quarter 2024 earnings, which were below expectations.

The parent company of Overstock, Bed Bath & Beyond, and Zulily reported sales of $311.43 million, down 16.6% year over year and missing the consensus of $352.82 million.

Beyond reported an adjusted EPS loss of 96 cents, wider than Street expectation of 70 cents loss.

The company reported an adjusted EBITDA loss of $31.9 million compared to $23.93 million reported a year ago.

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Gross profit fell from $82.9 million to $65.98 million. Active customers increased from 4.91 million to 5.96 million, while LTM net revenue per active customer fell from $322 to $248.

Orders delivered decreased to 1.57 million from 1.95 million, and the average order value reached $199 from $192, while orders per active customer decreased from 1.48 to 1.39.

"We are in the process of transforming our asset-light business into an affinity and data monetization model with a strong technology focus, comprised of a collection of brands offered on a comprehensive platform from which customers can unlock value within the four walls of their home and four corners of their property," said Marcus Lemonis, Executive Chairman.

"We are focused on driving specific actions to strengthen our core asset-light e-commerce business and transforming Beyond to an affinity marketing model," said Dave Nielsen, President.

The company has identified marketing efficiency, sales growth, margin, and expense management as key areas of improvement.

Beyond announced the sale of its headquarters during the quarter, which is expected to close in the fourth quarter. It announced a $20 million annualized reduction in staff-related expenses as the company drives toward profitability and continues to create a more variable and leverageable cost structure.

The company expects to have reduced fixed expense base by an annualized $65 million heading into 2025.

Price Action: At last check Thursday, BYON stock was down 27% to $6.95.

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