Join our daily newsletter At The Bell to receive exclusive market insights
- Afterpay (APT) has seen substantial growth across the globe in the third quarter of 2021, especially in its North American market
- The buy now, pay later platform recorded strong operating performance over the March quarter, with underlying sales up 104 per cent on the previous corresponding period
- Its biggest sales came from North America, which is up 211 per cent from this time last year and is now the largest contributor to underlying sales
- Active customers have also increased by 75 per cent to 14.6 million
- Afterpay is now looking at options to list in the U.S. market
- Afterpay last traded at $126.20 per share
Buy now, pay later giant Afterpay (APT) has seen substantial growth across the globe in the third quarter of 2021, especially in its North American market.
The ASX 200-listed company recorded a strong operating performance over the March quarter, with underlying sales up 104 per cent on the previous corresponding period.
Its quarterly performance on a constant currency basis was 123 per cent higher than this time last year.
Underlying sales in the United States were up 211 per cent, while sales jumped 277 per cent in the United Kingdom. Notably, North America is now the largest contributor to underlying sales and outperformed the second quarter of 2021.
Afterpay’s March 2021 performance exceeded its December 2020 metrics and delivered the second-highest monthly sales ever recorded, with the U.S. becoming the first region to record more than $1 billion in underlying sales in one month.
Active customers (who have had at least one transaction in the past 12 months) have also increased by 75 per cent to 14.6 million, with North America and the U.K. reaching 9.3 million and 1.8 million respectively.
The March Afterpay Day sale saw a 40 per cent increase in customers around the globe.
Interestingly, the Afterpay app was downloaded more than two million times over the quarter, with around one million downloads in March alone.
Additionally, the finance stock is looking to list on the U.S. market and is currently working with advisors to explore its options.
“While Afterpay intends to remain an Australian-headquartered company, our shareholder base is increasingly becoming more globally focused. A U.S. listing would further accommodate this growing interest,” the company explained.
Afterpay last traded at $126.20 per share.
