Kogan's 3Q Update Shows Subscriber Slump -- Market Talk

Dow Jones04-26

0112 GMT - Australian online retailer Kogan's 3Q FY 2024 update shows that multiple metrics are pointing in the wrong direction, says Citi analyst James Wang in a note. These include slowing Kogan First subscribers and lower subscriber revenue. At the same time, Kogan marketplace and Mighty Ape appear resuming a decline. "The 3Q update represents a significant departure from the narrative of strong subscription driven revenue growth established at the February result," says Citi. Still, the investment bank sees that one positive is that Kogan's product revenue looks to be finding a base now. Citi cuts its target price by 13% to A$4.80, but keeps its sell rating. Kogan falls 0.2% to A$5.09.(alice.uribe@wsj.com)

(END) Dow Jones Newswires

April 25, 2024 21:12 ET (01:12 GMT)

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These include slowing Kogan ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KGN.AU","symbol_name":"KOGAN.COM LTD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2430670452","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430670452","pubTimestamp":1714093920,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0112 GMT - Australian online retailer Kogan's 3Q FY 2024 update shows that multiple metrics are pointing in the wrong direction, says Citi analyst James Wang in a note. 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