- Zip Co’s (Z1P) share price rises as it announces a record September quarter
- The company saw a record group quarterly revenue of $136.8 million, up 89 per cent on this time last year
- Its transactions also hit a record of $1.9 billion, up 101 per cent, with transaction numbers up 177 per cent to 14.7 million
- Over the quarter, Zip successfully completed its global rebrand in six countries, with US changing from Quadpay to Zip
- Zip was up 1.46 per cent and is trading at $6.75 per share at 11:44 am AEDT
Zip Co’s (Z1P) share price has risen as it announces a record September quarter.
The company posted a record group quarterly revenue of $136.8 million, up 89 per cent on this time last year.
Its transactions also hit a record of $1.9 billion, up 101 per cent on the September quarter 2021 result, with transaction numbers up 177 per cent to 14.7 million.
Customers increased 82 per cent to eight million, with merchants increasing 71 per cent to over 55,000.
Over the quarter, Zip successfully completed its global rebrand in six countries, Operations in the US changed from Quadpay to Zip and a brand launch campaign will be undertaken in the US from mid-October.
App uptake increased, with 1.5 million downloads in the US, totalling 7.3 million. Zip Australia and New Zealand increased app downloads by 412,000, totalling 3.7 million.
Zip’s Managing Director and CEO Larry Diamond said the first quarter was “another very strong set of numbers”.
“The quarter saw the successful completion of the global rebrand, which now sees Zip
unified under a single payments brand at checkout globally. In support of the
rebrand, we are running a major brand campaign across the US to increase awareness and acquisition,” he said.
“I was excited see the Zip brand take centre stage in Times Square as we launched the campaign earlier this month.”
“Q2 has started strong led by the resurgence instore, Zip’s ubiquitous payments
technology and the lead up to the strongest seasonal quarter of the year with
Black Friday, Cyber Monday and Christmas promotional sales in November and
December.”
Zip was up 1.46 per cent and is trading at $6.75 per share at 11:44 am AEDT.