InQueensland

NEWS •⁠ POLITICS •⁠ BUSINESS •⁠ CULTURE

Get InQueensland in your inbox Subscribe

Afterpay cracks $100 a share as sales boom to $4.1 billion in first quarter

Business

Afterpay increased its sales by 115 per cent in the first quarter of the financial year and more than doubled revenue to $4.1 billion.

Print article

The announcement pushed the stock above $100 a share on the ASX with a morning surge pushing it up more than 7 per cent to $102.79. Its market value is now $27.3 billion.

The buy now pay later stock said the Australia New Zealand market was showing that its top 10 per cent of customers transact 54 times a year.

The newer markets were showing similar trends.

It said its active customer tally increased 98 per cent to 11.2 million as its entry into the US market reached 6.5 million customers with 12,500 customers joining every day in the first quarter. That number has increased in the second quarter so far to 15,000.

The launch into the Canadian market has also started and Afterpay said it was progressing well with several large retailers integrating the system or signed up.

The customer count in the UK was up 282 per cent to 1.2 million.

The company said 45 per cent of its customers were Millennials. Gen X accounted for 25 per cent and Gen Z 24 per cent.

The number of merchants using the system also increased by 70 per cent to 63,000.

Underlying sales in Australia and New Zealand were $2.2 billion, a rise of 63 per cent.

The company said the trust and ongoing loyalty of the customer base was evidenced by the growing frequency of use and that this meant the lifetime value of a customer compounded over time.

Afterpay recently signed a deal with Westpac to start a branded savings and transaction account and it said the new money management system would expand the business while also reinforcing its value.

 

More Business stories

Loading next article