Australia's Redbubble climbs on implementing cost-cutting measures

Articore

10/05/2023 03:52

** Shares of Redbubble  RBL.AX  rise up to 3.6% to A$0.43,
hitting their highest since April 12 
    ** RBL, which owns online marketplaces for independent
artists, says it will implement cost-reduction measures
    ** Co aims to reduce its operating expense by a further A$13
mln ($8.82 mln) to A$15 mln on an annualized basis  urn:newsml:reuters.com:*:nFWN37626C
    ** Says it will reduce workforce by 23% or 75 roles
    ** RBL reaffirms its FY23 outlook marketplace revenue to be
slightly below FY22 and its gross profit after paid acquisition
margin to be between 18% and 20% 
    ** Redbubble stock down 20.2% this year, as of last close 
    

     ($1 = 1.4743 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))