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Afterpay first-quarter sales more than double on U.S. boost

Credit: REUTERS/STEPHEN COATES

Australia's Afterpay Ltd on Wednesday reported a 115% surge in first-quarter underlying sales on continued growth in its U.S. business with the buy-now-pay-later firm adding nearly 1 million customers in the country.

Adds first-quarter details

Oct 28 (Reuters) - Australia's Afterpay Ltd APT.AX on Wednesday reported a 115% surge in first-quarter underlying sales on continued growth in its U.S. business with the buy-now-pay-later firm adding nearly 1 million customers in the country.

The company's U.S. business, the sector's key growth market where Afterpay faces intense competition, generated the fastest growth in the quarter, with sales there more than tripling to A$1.6 billion ($1.14 billion) compared to a year earlier.

Alternative credit firms such as Afterpay that offer small instalment loans to shoppers and make money by charging merchants a commission are riding the boom in online shopping due to the coronavirus pandemic.

Amid this shift to e-commerce, the company has been focusing on diversifying product offerings in Australia. Afterpay said on Wednesday it was also moving on track with its expansion plans in mainland Europe and parts of Asia.

Afterpay's underlying sales for the three months ended Sept. 30 came in at A$4.1 billion ($2.92 billion), up from A$1.9 billion in the same quarter last year.

($1 = 1.4027 Australian dollars)

(Reporting by Anushka Trivedi in Bengaluru; Editing by Maju Samuel)

((Anushka.Trivedi@thomsonreuters.com; +918061823241;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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