Redbubble Ltd. (AU:ATG) has released an update.
Redbubble Ltd. reports a 4% increase in gross profit to $34.8 million in the third quarter, reflecting successful initiatives to enhance unit economics over the past year, with a significant 660 basis point growth in gross profit margin to 44.6%. Despite a 12% decline in marketplace revenue due to strategic changes in paid marketing and focus on profitability rather than volume, the company has lowered operating expenses by 25% and reaffirmed its FY24 guidance, anticipating positive underlying cash flow for the year.
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