Afterpay Sales Jump 97pc To $2bn, Despite Covid-19 Threat
SYDNEY: Australian buy-now, pay-later provider Afterpay has posted third-quarter sales of $2.6 billion, up 97 percent on Q3 results last year, despite the effects on business from the spreading COVID-19 virus.
Afterpay said its trading performance was up by about 12 percent on January and February but had moderated in the second half of the month, reflecting introduction of government-enforced lockdowns and isolation protocols.
The company said it believes it is on track to meet its target of 9.5 million customers by June 30. Afterpay’s active customer base totalled 8.4 million, as at March 31, according to an Australian newspaper report.
Underlying sales in the second half of the month were down four percent on the first half. Afterpay UK was the worst hit region, down 15 percent, while the US was down five percent and Australia and New Zealand dropped just two percent.
Afterpay CEO Anthony Eisen said the company is confident that its “customer-centric” model will prove highly relevant in a post-COVID-19 environment.