Zip said on Monday its cash earnings, bad debts and operating costs were worse than the market was expecting for the first half.
“The potential addition of Sezzle is likely to drive material cost savings and increased scale with the potential to be the number three player. However, the industry now appears to require consolidation of smaller players, rather than driving consolidation as a result of multiple benefits.” Bad debts also missed expectations. Zip said net bad debts of 2.6 per cent of transaction volumes reflected the “change in the external environment in the US...with the easing of government stimulus”.Advertisement
However, Zip said revenue had reached a record $302.2 million, up 89 per cent, while it reported record transaction volume of $4.5 billion for the half, up 93 per cent.
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Source: FinancialReview - 🏆 2. / 90 Read more »