ASX 200
|
A
B
C
D
E
F
G
H
I
J
L
M
N
O
P
Q
R
S
T
U
V
W
X
TO MAKE THE WORLD
SMARTER, HAPPIER, AND RICHER.
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
Dubber’s shares are getting drubbed on Monday…
Image source: Getty Images
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More
The Dubber Corp Ltd (ASX: DUB) share price has returned from its suspension and crashed deep into the red.
In early trade, the cloud-based call recording software provider’s shares are down 35% to 36 cents.
This means the Dubber share price is now down almost 90% since the start of the year.
Investors have been selling down the Dubber share price in a panic today after the company released a shocking update on its audited results for FY 2022.
In August, Dubber released its unaudited full year results and reported a 75% increase in revenue to $35.6 million.
However, after finally getting its accounts audited, this figure has been revised lower by $10.3 million to $25.3 million. Management commented:
The revenue figure has been adjusted because the Company’s interpretation of accounting standards relating to particularly, Platform Fees and Foundation based revenues has been modified following consultation with the Company’s auditors.
But it gets worse. Dubber has also revised its costs higher following the audit. Total costs are now $8 million more than previously stated, bringing its loss after tax to $83.2 million. This compares to its previously stated loss of $64.7 million.
Unsurprisingly given the above, Dubber’s chief financial officer, Peter Curigliano, is leaving the business.
A separate release, which doesn’t even mention Curigliano by his name, states: “The current chief financial officer will step down from that position with immediate effect and assist the Company in the transition of the role.”
Commenting on this disastrous update, Dubber’s non-executive chair, Peter Clare, said:
I would like to sincerely apologise to shareholders, on behalf of the Board and CEO, for the delayed lodgment. A full review is underway and any necessary changes or improvements to avoid such an event occurring again will be implemented with the Board’s full support.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Dubber Corporation. The Motley Fool Australia has positions in and has recommended Dubber Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
| Tony Yoo
The technology company saw its stocks outperform its index peers last quarter. How did it do that?
Read more »
| Brooke Cooper
Is this what weighed on the Novonix share price last month?
Read more »
| James Mickleboro
These tech shares have been named as buys…
Read more »
| James Mickleboro
PointsBet shares are having a positive day. Here’s why…
Read more »
| James Mickleboro
Appen is having a very tough time right now…
Read more »
| Tony Yoo
After a brutal 12 months, which market could investors pick up the best cloud computing bargains?
Read more »
| Tony Yoo
Growth shares have boomed since the latest interest rate hike, but investors still need to be very selective about which…
Read more »
| Bernd Struben
The biggest tech companies on the ASX have rocketed higher over the past two trading days.
Read more »
View All
In this FREE STOCK REPORT, Scott Phillips, and his team at Motley Fool’s Share Advisor have released a special free report, detailing 5 ASX stocks that they think could be fantastic stocks to own as investors prepare for their retirement.
Sign Up for Take Stock
Investment news, stock ideas, and more, straight to your inbox.
Get Started Investing
You can do it. Learn about investing with our Investing Education hub.
Win at Retirement
Our latest articles and strategies for the post-work life you want.
Listen to Our Podcast
Hear our experts take on shares, the market & how to invest.
Join Our Premium Community
Join our flagship membership service, Share Advisor.
To make the world Smarter, Happier, And Richer
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians.
Read more about us >
This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. The Motley Fool Australia operates under AFSL 400691. For more information please see our Financial Services Guide. Please remember that investments can go up and down. Past performance is not necessarily indicative of future returns. The Motley Fool Australia does not guarantee the performance of, or returns on any investment.
© 2010 – 2022 The Motley Fool Australia Pty Ltd. All rights reserved.
ACN: 146 988 052
Australian Financial Services Licence (AFSL): 400691
The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217
Contact Details:
Phone: (03) 8592 4841
Email: [email protected]
Our friendly customer service team will happily get back to you as soon as they can.