Cettire shares rebound after earnings slide
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Cettire rocketed on the ASX, rebounding from a double-digit intraday fall on Thursday after the luxury ecommerce platform reported a 34% fall in annual profit.
The numbers: Cettire shares climbed 21.4% to $1.28 by 1:15pm AEST, having shed more than 50% since the turn of the year.
The context: Cettire saw 18.8% slashed from its share price on Thursday as the company reported a sharp profit contraction after resorting to discounting in a soft luxury market.
The ecommerce business, which also delivered a late and unusual earnings call after publishing its results, has become one of the ASX's most shorted stocks with investors. Last week, the company revealed that it spent more than $900,000 in the four months to June on 'short defence'.
