As Afterpay was being acquired for a mammoth $39 billion, it was suffering significant losses, new figures released by Block have shown.
Afterpay profits increase from $374.2 million to $560.8 million in the last half of 2021, but a huge increase in marketing costs and operating expenses saw losses blow out to $345.5 million.
Employment expenses more than tripled, totalling $200.3 million, up from $62.6 million the year prior.
Block’s shares currently trade at $163.70, down 6.9 per cent since the Afterpay takeover. Afterpay’s financials barely moved the dial, down a moderate 0.41 per cent in today’s trading.
