The Afterpay Touch Group Ltd (ASX: APT) share price rose 13.5% today, ending the week up by 21%.
Afterpay Touch is the owner of the popular “buy now, pay later” app. Loved by millennial consumers and tech investors alike Afterpay is one of Australia’s true technology success stories.
Why the Afterpay share price went up 13% today
The cause of Afterpay’s big gain today was that it gave a business update to investors.
The company reported that underlying sales were up 140% to over $2.2 billion, from $918 million a year ago. Afterpay also revealed that the US business processed $260 million of underlying sales, with annualised sales now in excess of $500 million.
Read more:
- Afterpay’s big 2019 – Jack Magann
- Afterpay – The Road Ahead – Emanuel Datt
- Why I’m Torn About Afterpay Shares – Owen Rask
Over 23,000 merchants have transacted with Afterpay globally in the last 12 months and the buy now, pay later provider has over 3.1 million active customers in the last 12 months, growing at an average of approximately 7,500 new customers per day over the second quarter of FY19.
With a reduction in losses and late fees, news of a potential new US facility of US$300 million to fund US$4 billion of annual underlying US sales and promising progress in the UK, there was a lot for investors to be positive about.
Only time will tell if investors buying today made the right call, but Afterpay has brought another smile to the faces of shareholders. The shares revealed for free in the below report could be worth having a look at instead of Afterpay.
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