Kalkine Media
Published Jan 28, 2023 00:11
Take a look at ASX:ZIP Q2 FY23 results
Highlights
Global financial services company Zip Co Limited (ASX:ZIP) recently announced its second quarter results for the three month period ending 31 December 2022 (Q2 FY23). Co-Founder, Global CEO and Managing Director, Larry Diamond says that the company has delivered “another strong quarter of record volumes despite the challenging external environment and adjustments to its risk settings”. ZIP also claimed to have made great progress on the strategy to deliver sustainable growth, right-size its global cost base and hasten the path to profitability.
Key highlights of Q2 FY23
Image source- Pixabay
Besides, the company went live with new enterprise merchants, Jetstar, Uber and eBay (NASDAQ:EBAY) AU in Australia. In the US, ZIP launched with Barnes & Noble College across all campus stores. The company also renewed its Climate Neutral certification with the intent to measure and reduce emissions.
What’s next?
Larry Diamond has remarked that ZIP is well-positioned for any potential future regulatory changes. He added that the underlying business remains strong.
The quarterly report for Q2 FY23 also says that ZIP is on track to exit FY23 cash EBTDA positive on a sustainable basis. The company continues to focus on its strategic objectives of delivering sustainable growth in its core markets (ANZ and the US), unit economics and cost management.
Mid-day on 27 January 2023, ZIP quoted AU$0.68, up 3.4%. The market capitalisation stood at AU$505.14 million.
Amidst heightened inflation and cost of living pressure, it will be interesting to witness how ZIP performs and provides simple, fair and easy to use products.
Read more on Kalkine Media
Written By: Kalkine Media
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.