Revenue ($m) 403.2, up 150.4% from year-earlier 161.0
Pre-tax loss($m) -718.3 compared with year-earlier 20.6
Net loss ($m) -652.5 compared with year-earlier -19.9
No dividend declared.
The cost of Zip Co’s global buy now, pay later expansion was laid bare as it reported negative earnings and a total statutory loss of more than half a billion dollars but big increases in transaction volume, customer numbers and top-line revenue over the year to June 30.
The result reflected heavy investment in global expansion, after Zip spent $71 million on marketing over the year. Its US business Quadpay is chasing the likes of Afterpay, Klarna and Affirm, forcing Zip to boost spending to acquire new users and merchants.
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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
