Shares In Designer Outfit Redbubble Leap, Then Plunge
Shares in ASX-listed designer marketplace provider Redbubble jumped an initial 45% after the company posted its first full-year financials since listing in 2016.
Revenue was up 41% at $257 million, while gross profit was put at $95 million, up 48%. Earnings before EBITDA were put at $3.8 million, compared with a $3.8 million loss a year earlier.
Despite the early jump, bringing rave headlines in The Australian and SMH, the share-market quickly settled back. Redbubble shares closed the day at $1.40, down 4.11%.
Based in Melbourne, Redbubble describes itself as a global online marketplace for print-on-demand products based on user-submitted artwork. They’re said to be used for “making things like shirts, stickers, phone cases, and pillows weirdly meaningful”.