Australia's Redbubble tumbles after swinging to loss

Articore

17/08/2022 01:51

** Shares of online retailer Redbubble Ltd  RBL.AX  sink as
much as 19.7% to A$1.20, their worst intraday loss since Jan. 18
    ** RBL, which owns online marketplaces for independent
artists, reports FY22 net loss attributable of A$24.6 million,
compared with a profit of A$31.2 million a year ago  urn:newsml:reuters.com:*:nASX5rNqt9
    ** Total revenue from ordinary activities down 12.8% to
A$573.4 million for the year 
    ** Firm says ongoing COVID-19 impacts resulted in talent
pools being constrained and high competition for individuals 
    ** Expects revenue growth in FY23     
    ** Stock hits lowest level since Aug. 8
    ** RBL down 52.3% YTD as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))