Zip Co (ASX: Z1P) falling despite record quarter
Stock
Zip Co (ASX: Z1P) $1.15 as at 30/01/2019
Event
Zip has followed Afterpay’s (ASX: APT) efforts with new records of their own at the 2nd quarter update released today.
The alternative credit provider noted that platform had surpassed 1mil users in the period, while also posting record revenue at $19.2m, up 28% on the first quarter.
The records really shouldn’t come as a surprise with Q2 including the Christmas shopping period, as well as a number of retailers launching on the platform, both of which helped the company add $4.6m profit.
Despite all the positive trends, the Zip share price has dipped today after opening strongly higher. Now trading over 1% below yesterday’s close, the share price seems to be going against the positive themes in the quarterly update.
Zip Co (ASX: Z1P) Chart
Market Matters Take/Outlook
