Zip Co (Z1P) shares higher on record quarter
Stock
Zip Co (Z1P) $3.66 as at 13/01/2020
Event
Buy Now Pay Later (BNPL) names seem to have picked off some market share from traditional payment methods if Zip’s quarterly update is anything to go by. Shares are trading around 4% higher early in the session despite the broader market trading lower with Zip finding a buyer on the back of another impressive announcement.
The second quarter was a record in terms of revenues which hit $38.5m, more than double 2Q18. Total transactions saw extraordinary growth of 85% year on year to $562.6m while gross receivables cracked the $1b mark. Fears Zip was starting to see a slowdown have been quashed with customer numbers up 24% in the quarter while repeat spending from existing members also climbs.
Zip continues to prove its business model with another impressive quarter while acquiring businesses to drive international growth. This will be the next frontier for Zip with the integration of Part Pay in the quarter helping the UK penetration.
Zip Co (Z1P) Chart
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