There have been a number of quarterly updates being released this week. Some have gone down well with investors, some have not.
For example, listed below are two ASX shares that have made big moves in opposite directions on Wednesday following the release of their updates. Here's what's happening:
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Ampol Ltd (ASX: ALD)
This fuel retailer's shares were up as much as 4% to $29.87 following the release of its quarterly update. Ampol, formerly known as Caltex, revealed that its fourth quarter group RCOP earnings before interest and tax is expected to be slightly ahead of the third quarter result.
The company also revealed that the Lytton Refiner Margin (LRM) for the fourth quarter remained above historical levels averaging US$11.75 per barrel. Furthermore, refinery production for the period was 1,580 ML, increasing from 1,546 ML in the third quarter.
Overall, a solid quarter from the fuel giant.
Redbubble Ltd (ASX: RBL)
Investors have been selling down Redbubble's shares after the release of yet another disappointing update. The ecommerce company's shares are currently down over 12% to 50 cents, which means they are now down approximately 80% since this time last year.
This morning, Redbubble reported a modest increase in second quarter marketplace revenue, which led to flat first half revenue. However, higher costs mean that it expects to post an $18 million operating loss for the half. This compares to a $10.5 million operating profit a year earlier. Management blamed "increasingly challenging" trading conditions and higher promotional activity.
This loss has led to Redubble's cash balance falling by approximately $46 million over the last 12 months to $97 million.
Unfortunately, management expects "macroeconomic conditions to remain challenging in the near term." As a result, the company has decided to adjust its operating expenditure with the aim of being sustainably cash flow positive by the end of 2023.
