Shares of Overstock.com dropped more than 8% in premarket on Thursday after the online shopping site missed Wall Street expectations for the first quarter.

Overstock (ticker: OSTK) which is an online platform for furniture, home decor, rugs and other household items, said first-quarter net income fell to $10 million, compared with $16 million for the same period a year earlier.

On a per-share basis, earnings were 21 cents, down from 56 cents a year ago and below estimates of 23 cents based on analysts polled by FactSet.

Revenue fell 19% year-over-year to $536 million for the period, lower than the $577 million analysts had forecast.

Overstock shares have fallen more than 46% so far in 2022.

Active customers fell 26% from a year earlier to 7.4 million. The company said it delivered one third fewer orders compared with the prior year, but its average order value increased 21% to $221.

"We anticipated the first quarter would be difficult considering the significant acceleration in sales last year driven by both operational improvements and pandemic-related factors," said Overstock CEO Jonathan Johnson . "What we could not have anticipated was the magnitude of the impact of inflation coupled with an adverse geopolitical environment, which ultimately impacted consumer sentiment."