Bring on a Buyback, page-19

Yeah, it isn't a household name and hasn't been around very long. Also the model lends itself to a lot of poor customer experiences on delivery so it won't have the same level of return customers as someone shipping out of a warehouse in Australia. So it requires big Google spend to keep bringing new customers in, the recent results show that it either can't do this profitably or at least can't do it profitably and still maintain decent growth.

Maybe they can cut spend and make a profit, but if the end result is falling revenue and a small profit it won't do much for the share price.