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Why has the Kogan (ASX:KGN) share price plummeted 10%?
Ken Hall | April 23, 2021 10:09am |
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Kogan.com Ltd (ASX: KGN) share price has plummeted in early trade today, dropping 10.4% in the opening moments. That comes after the Aussie online retailer’s latest business update highlighting “strong growth” in multiple metrics.
At the time of writing, the Kogan share price is trading at $11.17 apiece.
What’s driving the Kogan share price?
Kogan this morning provided an update for the quarter ended 31 March 2021 (Q3 2021).
The Aussie conglomerate reported a more than 47% increase in group gross sales, comprising both Kogan.com and Mighty Ape. Kogan is integrating Mighty Ape after acquiring the Kiwi online retailer for $122 million in December 2020.