Shares in Afterpay rip higher for a second day after the fintech posts massive sales growth

Octavio Passos/Getty ImagesRiding the wave
  • Afterpay shares are now 450% higher than the year low of $2.94.
  • They took off again today following a 24% jump yesterday.
  • The fintech says underlying sales in the fourth quarter were up 171% to $736 million.

Shares in Afterpay Touch are soaring for the second day in a row following the release of strong sales numbers.

In early trade, they surged 18%. At the close, they up 6.2% to $14.38. On Thursday they closed 23.9% higher.

The shares are now trading about 450% higher than the year low of $2.94.

The “buy now, pay later” fintech yesterday released a business update showing strong top line sales and customer growth in the financial year to June.

The technology-driven payments company launched in 2015 says it processed more than $2.18 billion of sales through the Afterpay platform in 2018, a 289% increase on the previous 12 months.

Underlying sales in the fourth quarter of 2018 were up 171% to $736 million compared to the same three months last year. And compared to the third quarter of 2018 sales were up 39%.

The company now expects full year group EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) to be between $33 million and $34 million.

Afterpay was last month named named FinTech Organisation of the Year for a second year in a row and its CEO and founder, Nick Molnar, the Emerging FinTech Leader of the Year.

Afterpay estimates it processes more than 10% of all physical online retailing in Australia and that 10% of the purchasing Australian population has transacted with Afterpay.

NOW READ: Afterpay posts monster sales growth — and its shares are going nuts

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