Kogan.com shares are tanking

Peter Macdiarmid/Getty Images

Shares in Kogan fell hard after the pure-play online retailer released a quarterly cash and trading update.

At the close, they were down 11.7% to $5.84. Kogan listed on the ASX in 2016 at $1.80 a share.

The company reported that its in 2018 to around $405 million in 2018.

However, earnings were down on expectations. The company says EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for 2018 was more than 90% higher than 2017’s $12.5 million. Analysts had expected 117%.

At the end of June, the company had cash of $41.99 million and access to a $10.0 million bank facility.