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.
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Why is the Dubber share price crashing today?
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.
CFO out
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.
