⁍ Afterpay’s U.S. business showed the second-fastest growth rate among all its regions in the quarter.
⁍ Afterpay now has 11.2 million active customers as of the end of September.
⁍ The company added that its global expansion plans in parts of mainland Europe and Asia were progressing well.
– Australia’s Afterpay is the No. 1 buy-now-pay-later company in the US, and it’s showing no signs of slowing down. The buy-now-pay-later company said Wednesday that underlying sales more than doubled in the first quarter to more than double from a year earlier, Reuters reports. The US business showed the second-fastest growth rate among all its regions in the quarter, with underlying sales there more than tripling to A$1.6 billion ($1.14 billion) from a year earlier. The company said that so far in October it was averaging about 15,000 new customers a day, compared with 12,500 a day over the quarter. Arguably Australia’s hottest stock this year, Afterpay now has 11.2 million active customers as of the end of September, 1.3 million more than three months ago. Afterpay shares climbed 8.2% to A$103.8 by midday, while the broader market dipped. The COVID-19 pandemic has accelerated the shift to online shopping and deepened the appeal of alternative credit firms, which offer small interest-free installment loans to shoppers. While some analysts said the US numbers were a slight miss, Citigroup and UBS said Afterpay’s underlying sales were tracking ahead of their first-half forecast as the December quarter tended to favor greater spending. Afterpay said that so far in October it was averaging about 15,000 new customers a day, compared with 12,500 a day over the quarter. Total underlying sales for the three months ended Sept. 30 came in at A$4.1 billion.
Source: https://www.reuters.com/article/afterpay-results-int/australias-afterpay-first-quarter-sales-more-than-double-on-us-growth-idUSKBN27C36B