Connect with us

Hi, what are you looking for?

Stocks

Office Depot Stocks Jump Alongside Earnings

Office supply retail chain Office Depot has beaten its third quarter profit projections by ten percent. The stock market has responded in kind, with the chain opening this morning at $3.13 per share, a 13.82% boost. According to Office Depot’s report, they have earned $2.89 billion for the third quarter, a .03 billion jump from the consensus estimate, and a .27 billion jump from profits at this time last year.

During a conference call with Wall Street analysts, Office Depot CEO Gerry Smith talked up the company’s current strategy of shifting from general office supplies to business services. “We’ve strengthened our core this year. It’s sustainable earnings, which are important,” Smith said. “I’ve always said we have to get the sales engine working first.” Office Depot’s retail sales were struggling recently due to multiple store closures and a change in revenue recognition standard, but those losses were recouped thanks to business contracts with the US government and independent businesses. The business relations department of the company, which focuses on both physical sales and e-commerce, has contributed the lion’s share to what Gerry has called “the best quarter in over a decade.”

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...