Trade Me has recorded a $138 million write-down on the value of its core marketplace business, reflecting ongoing declines in revenue and subdued growth prospects as consumer spending weakens.
Financial results for parent company Titan Parent show the goodwill value of the marketplace unit was cut almost in half, from $275 million to $137 million, after revenue fell to $66 million in the year, down from a peak of $90 million in 2022.
A Trade Me spokesperson told legacy media (paywalled) the cost-of-living pressures have dampened discretionary spending, while growing competition from low-cost overseas retailers is also reshaping buying habits.
Although the marketplace has struggled, Trade Me’s classifieds businesses, including property, jobs and motors, remained resilient, helping lift overall classifieds revenue slightly to $375 million. Titan Parent reported a net loss of $113 million for the year, compared with a profit a year earlier, while the value of Trade Me’s marketplace brand was held steady at $177 million.
What do they expect when TradeMe ban VPN’s.
Nobody has got any discretionary disposable income to spare
That is the basic fundamental underlying cause and crux of the matter
Once You get screwed at every possible conceivable point in time there’s not much left over