Redbubble shares soar 30pc after profit update
Online marketplace Redbubble will focus on reversing its declining revenue ahead of the peak retail season, after the company returned to positive underlying cash flow last quarter, pushing its shares 30 per cent higher in Thursday’s trading.
Shares in the embattled retailer rallied to close at 60¢ after opening at 46¢. Redbubble’s quarterly trading update showed it achieved underlying cash flow of $700,000, swinging from a loss of $16.2 million in the prior corresponding period.
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