Ann: 1H22 conference call, page-8

From the commentary slides, it is clear revenue was down in USD (75% of the business), but the currency moves flattered the figures in AUD.

Group net revenue 1H22 $29.2m, up 5.1% on pcp (US$20.9m down 2.1%):
● Freelancer revenue $23.5m up 3.4% on pcp (US$16.9m, down 3.6%)
● Escrow revenue $5.7m up 12.8% on pcp (US$4.1m, up 4.2%)

I think it is very concerning the freelance business is shrinking, even the GMV was down 11%, and that is the figure they like to quote to show growth. The forex was a 6% tailwind, so the meaningful parts of the business were shrinking.

It may be that Escrow and Loadshift are good business units, but they are small with low margins.
The market doesn't read beyond the 4C, so the share price rose. It will be badly punished next quarter if the trends remain and the exchnage rate doesn't save them again.