Australia's Redbubble drops most in over 2 years on subdued annual outlook

Articore

18/01/2022 24:44

** Shares of Redbubble Ltd  RBL.AX  fall as much as 27.1% to
A$2.180, their biggest intraday pct fall since Dec 2019
    ** The fashion marketplace designer says its first-half
marketplace revenue was A$288 mln ($207.71 mln), down 18%
 urn:newsml:reuters.com:*:nASX2RNKQh
    ** Says its full-year marketplace revenue is now expected to
be slightly below that of prior years
    ** Also flags a lower H1 2022 underlying marketplace revenue
of A$283 mln, down 5%
    ** Stock at its lowest since July 2020
    ** About 5.5 mln shares change hands, triple the 30-day avg
volume of 1.8 mln
    ** Analysts at RBC Capital Markets see misses to their
estimates driven by higher competition and higher than expected
marketing costs
    ** Five of nine analysts rate the stock "buy" or higher, and
four rate "hold"; their median PT is A$4.84 – Refinitiv data
    ** Stock has fallen 8.6% this year as of last close

($1 = 1.3866 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))