Zip reports record second quarter revenue as bad debt situation improves

The share of bad debts as a percentage of total transaction volume (TTV) for buy-now pay-later (BNPL) player Zip Co (ASX: ZIP) has improved in the second quarter of FY23, during which the company achieved record financial results on multiple metrics.

After being plagued by unrecoverable debts from customers falling short of repayments, the company has reported record quarterly revenue of $188 million - up 12 per cent year-on-year.

Further, transaction volume for the quarter was up 4 per cent on the prior year to $2.7 billion, while transaction numbers lifted by 1 per cent to a record 22.6 million. Zip's US business also delivered positive cash earnings in November and December 2022, propelled by strong seasonal performance.

Read More: https://www.businessnewsaustralia.com/articles/zip-reports-record-second-quarter-revenue-as-bad-debt-levels-get-better.html