Zip Co: Shares slip despite revenue records in Q2 FY23

Zip Co Shares slip despite revenue records in Q2 FY23

• Zip Co (ZIP) reports a 12 per cent year-on-year increase in group revenue to $188 million for the second quarter of FY23
• The buy now, pay later company also delivered a record transaction volume of $2.7 billion and a record 22.6 million transactions for the three-month period
• Over the quarter, Zip onboarded new merchants in Australia and the US, including eBay AU, Uber, Jetstar and Barnes & Noble College
• The fintech stock ended the quarter with $78.5 million in cash and liquidity, which it deems sufficient to support it through to profitability
• Nevertheless, ZIP shares are down 10.78 per cent to trade at 74.5 cents at 1:24 pm AEDT