Afterpay : 1st Half Revenue Surges 89%, Net Loss Rises to A$76.5 Million

By Stuart Condie

SYDNEY--Afterpay Ltd. more than doubled first-half underlying sales on its platform on an 80% increase in customer numbers, although its net loss for the period rose 77% despite the Covid-driven shifts in consumer spending.

The buy-now-pay-later provider reported a net loss for the six months through December of 76.5 million Australian dollars (US$60.5 million), compared with a A$28.9 million net loss a year earlier. Revenue surged 89% to A$417.2 million as the value of transactions processed rose to A$9.8 billion from A$4.8 billion.

The jump was propelled by the addition of 5.8 million customers and 31,500 merchants over the past year as consumers have taken their spending online amid Covid measures including lockdowns and working from home.

Afterpay said it had 13.1 million active customers and 74,700 active merchants at Dec. 31.

It did not pay a dividend.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

02-24-21 1731ET