Zip said that it would maintain a focus on sustainable growth in its core markets of Australasia and the United States, after commencing the process of closing its Singapore business in the June quarter.Īs part of its renewed focus on core markets, Zip co-founder and global CEO Larry Diamond has moved to the US to serve as an on-the-ground presence for driving sustainable growth in the American market.Īccording to Diamond, this focused strategy has already had positive benefits for Zip’s bottom line. The company is also adopting other measures to generate positive cash flow, focusing more on core operations and reducing cash burn levels. ‘During the quarter we made greater progress on our refreshed strategy to deliver sustainable growth, right-size our global cost base and accelerate our path to profitability.’ ‘We are pleased to deliver another solid set of numbers as Zip resets and moves toward positive cash flow,’ Zip Co-Founder and Global CEO Larry Diamond said. Zip hopes that ongoing growth in revenues will help the company to achieve its goal of fast-tracking profitability. Transaction volumes also saw robust growth, rising 15% YoY to reach $2.2 billion, while transaction numbers posted a YoY rise of 33% to reach 19.6 million. According to the results, Zip's revenue margin remained a healthy 7.4%. Zip's results for the September quarter indicate that revenue rose 19% in year-on-year (YoY) terms to $163.2 million. The company continues to pursue the goal of achieving positive cash flow in H1 FY24 by streamlining operations and cutting expenditures. ASX-listed buy-now-pay-later (BNPL) platform Zip Co could boost its share price with quarterly results pointing to sharp revenue growth.
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