Redbubble’s (ASX:RBL) share price falls 23% on quarterly update

By - Sonal Goyal

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  • Redbubble reported a 7% fall in its gross profit for the September quarter.
  • During the quarter, the company posted EBIT loss of AU$17 million.
  • Redbubble cash balance has fallen from AU$89.1 million to AU$74.9 million on a quarter-on-quarter basis.

Shares of Australian retailer Redbubble Limited (ASX:RBL) were heading south on Thursday (20 October 2022) after the company shared its quarterly update for the period ending on 30 September 2022. Redbubble has reported a 5% drop in its marketplace revenue and a 7% drop in its gross profit during the first quarter of the financial year 2023 (1QFY23).

Redbubble shares were trading 23.61% lower at AU$0.55 per share at 1:06 PM AEDT, with the market capitalisation of AU$199.95 million. With this, in the past year, the share price has dropped by 87%. On a year-to-date (YYD) basis, Redbubble’s share price has fallen 83.43%. One month fall for the shares stands at 26.67%.

Key financial metrics for 1QFY23

FY23 outlook

CEO OF Redbubble, Michael Ilczynski, said,

Redbubble expects unit economics to remain supported by nearly 6% rise in average base price from early May 2022. In the full year 2023, the company expects salaries and wages to increase by 14 million to 18 million. Forecasted Redbubble brand investment was in the range of AU$8 million to 12 million.