Afterpay : More Than Doubles 1Q Underlying Sales to A$4.1 Billion

By Stuart Condie

SYDNEY--Afterpay Ltd. said first-quarter underlying sales more than doubled on a year earlier as it added 1.3 million new customers since the end of fiscal 2020.

The buy-now-pay-later provider on Wednesday reported underyling sales of 4.1 billion Australian dollars (US$2.9 billion) for the three months through September, compared with A$1.9 billion a year earlier. It said unaudited merchant revenue margins performed in-line with those recorded in fiscal 2020 and that gross losses continued to trend lower.

Afterpay said it had 11.2 million active customers, up from 5.7 million a year ago and from 9.9 million at the end of fiscal 2020. It had 6.5 million customers in the U.S., where it launched in 2018.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

10-27-20 1807ET