The S&P/ASX 200 (ASX: XJO) was trading down 0.14% at lunchtime on Thursday, continuing their upward trend at lunch was Pushpay Holdings Ltd (ASX:PPH) and Zip Co Ltd (ASX:Z1P).
Here’s what happened on the ASX 200 and Australian share market today before lunch.
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ASX 200 Recap
1. Pushpay Holdings Ltd – up 12%
Pushpay share price has risen another 12% this morning after yesterday releasing its FY20 results.
Pushpay reported that its operating revenue increased by 33% to US$127.5 million. Total revenue rose by 32% to US$129.8 million. Excluding the Church Community Builder acquisition, operating revenue rose by 28% to US$123.1 million. The company said it expects further revenue growth.
Total processing volume rose by 39% to $5 billion.
Improving the gross profit margin is important for a business to generate more efficient profit as it grows. Pushpay’s gross margin increased to 65% from 60% last year. Without Church Community Builder it would have been 64%. Want to continue reading? Click here.
2. Zip Co Ltd – Up 5%
Zip Co once again seems to be riding the coattails of the new Tencent investment in its rival Afterpay Ltd. (ASX:APT). So far this week Zip Co shares have risen a staggering 27%.
Zip Co provides customers with a revolving line of credit to finance their retail purchase with its brands of Zip Pay, Zip Money and Pocketbook. It is one of the largest buy now, pay later providers in Australia. Some of its largest clients include Bunnings Warehouse, Appliances Online, EB Games and Officeworks.
Another smaller rival to Zip Co and Afterpay, Sezzle Inc. (ASX:SZL) saw its share price rocket higher today. This buy now pay later provider was last seen trading at $2.07, some 13.7% higher than where it began the day.
Is it time to invest in these companies? I’m not completely convinced. I’d prefer to invest in these technology stocks…
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