Australia's Dubber Corp loses most in 9-1/2 years after FY earnings mishap

Givbux

10/10/2022 02:14

** Shares of call recording software firm Dubber Corp
 DUB.AX  tank as much as 35.1% to A$0.360, their biggest
intraday pct decline since May 14, 2013 
    ** DUB on Friday restated its FY22 financial statements,
with net impact of adjustments widening loss by A$18.5 mln to
A$83.2 mln  urn:newsml:reuters.com:*:nASX9rmKqL
    ** DUB said A$10.3 mln in revenue that was earlier
recognised in its FY results were "reversed" as likelihood of
collecting amount it was "entitled to" under contracts was not
probable 
    ** DUB added one of its customer failed to make contractual
payments in the amount of A$8.2 mln, but noted "relationship
with this partner is sound" and expects revenues from the
partner in future periods
    ** On Monday, DUB said chief financial officer Peter
Curigliano will step down
    ** Shares of DUB were suspended on Oct 3 for a week
    ** Stock hits lowest level since June 19, 2018
    ** More than 4.1 mln shares change hands, vs the 30-day
average volume of ~1.4 mln shares
    ** Stock down 79.7% this year, as of last close
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))