Shares in troubled buy now, pay later company Zip sank again on fresh concerns about the company’s growth aspirations in the face of rising bad debts and higher costs.
Zip shares fell more than 8 per cent on Thursday morning after UBS cut its outlook citing mounting bad debts and reiterated a recommendation to sell. The stock recovered to close down 5.2 per cent at 54.5¢, having shed 87 per cent over the course of the year. Zip hit a peak of $12.35 in February 2021.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
