Zip says it finally became profitable in the United States in November and December, but its shares tanked on concerns that it will run out of cash before it exits markets outside of Australia and the US.
Zip shares plunged more than 16 per cent to 70¢ on Tuesday, erasing Monday’s gain, as the market digested its second-quarter report and news that it had $78.5 million in reserves.
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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
