Kogan (ASX:KGN) share price crashes 13% on Q3 update

The Kogan.com Ltd (ASX: KGN) share price is well and truly out of form on Friday.

In afternoon trade, the ecommerce company’s shares are down 13% to $10.80.

This means the Kogan share price is now down 58% from its 52-week high.

Why is the Kogan share price crashing lower?

Investors have been heading to the exits in their droves today after Kogan became the latest ecommerce company to release a disappointing third quarter update.

This follows similarly poorly received releases by Redbubble Ltd (ASX: RBL) and Temple & Webster Group Ltd (ASX: TPW) earlier this week.

What did Kogan report?

For the third quarter of FY 2021, Kogan reported gross sales growth of ~47% and revenue growth of ~65% across its businesses.

This was driven by…