Overstock’s Patrick Byrne: Bitcoin Sales Will Add 4 Cents to 2014 EPS

By August 14, 2014Bitcoin Business
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Overstock’s Patrick Byrne: Bitcoin Sales Will Add 4 Cents to 2014 EPS
Overstock’s Patrick Byrne: Bitcoin Sales Will Add 4 Cents to 2014 EPS

Some interesting news surfacing from a Reuters exclusive on this Wednesday evening.

The news agency’s report indicates that Overstock.com‘s bitcoin sales will add an estimated four cents to the company’s 2014 EPS (earnings per share) figure.

Word came from the company’s head honcho, Mr. Patrick Byrne, who spoke to the outlet directly.

Already this year, Overstock.com has managed to pull in a whopping $2 million worth of bitcoin sales on a slew of different items, and Byrne (who’s generally quite ambitious) says he’s expecting the company to rake in between $4 and $6 million worth of payments using the digital currency this year alone.

He tells Reuters:

I think the world expects us to make 75-80 cents per share this year. And 4 cents of that would be attributable to bitcoin.

Investopedia.com defines earnings per share as: “The portion of a company’s profit allocated to each outstanding share of common stock,” adding that, “Earnings per share serves as an indicator of a company’s profitability.”

Patrick Byrne Twitter Picture
Patrick Byrne Twitter Picture

Overstock.com stands as a shining beacon to many in the bitcoin (and cryptocurrency) community, becoming the first major company to adopt the digital currency as a means of payment.

Since then, a number of other high-profile companies have followed in Overstock’s footsteps, of which include Newegg.com and TigerDirect.com.

Overstock.com has stated previously that they keep approximately ten percent of the bitcoin they collect from customers and set it aside. Another small percentage of bitcoin revenues (at least three percent) will be used to support cryptocurrency adoption in the future, the company’s CEO announced at a bitcoin conference in Washington, D.C. in June.

The mega-retailer has plans to enable bitcoin acceptance for international customers some time in the middle of September, and according to Byrne, he’s in the cryptocurrency realm for the “long haul”.

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