I think you've summed it up pretty well. Not only were marketing costs pruned savagely, staff and development/manufacturing costs were also trimmed. A cynic might suggest that this is a management team that badly wanted a positive operational cashflow figure, given recent sentiments about how businesses of this type would cope with rising interest rates.
It'll be interesting to see two things play out over the next couple of quarters: 1. Whether the cost reductions are a one-off, or a reset to a leaner operation. 2. In the latter case, whether revenue continues to grow rapidly due to the competitive moat/network effects/other buzzwords that the company enjoys. If that does occur, anyone who's bought this at sub-50c (EV / revenue < 5) has snared a bargain.
ART Price at posting:
52.5¢ Sentiment: None Disclosure: Not Held
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