Afterpay Ltd said on Wednesday its annual marketing costs more than doubled as it entered new markets to tap a pandemic-driven boom in buy now, pay later (BNPL) services, widening the Australian company's loss ahead of Square's buyout.
A smartphone is held in front of a displayed Afterpay logo in this illustration taken, August 2, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoAfterpay annual merchant margins steady at 3.9%said on Wednesday its annual marketing costs more than doubled as it entered new markets to tap a pandemic-driven boom in buy now, pay later services, widening the Australian company's loss ahead of Square's buyout.
Underlying sales nearly doubled to A$21.1 billion in the year to June, but also saw bad debts rise from first-time users. Citi said the "soft result" could lead to consensus downgrades. Afterpay's shares were down 1% at A$133.78.
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