Image Source: © Timonschneider | Megapixl.com
- Zip reported an increase of 39% (YoY) in its group revenue to AU$159.2 million in 3QFY2022.
- Zip has an AU$303.4 million in cash and liquidity on hand currently.
Zip Co Limited (ASX:Z1P) has shared its third-quarter results today (21 April 2022) for the period ending 31 March 2022.
The ASX ticker for Zip has also been changed to ZIP (from Z1P). Zip is supposed to trade under its new ticker "ZIP" from today (21 April 2022).
On the back of the news, shares of Zip were trading 1.24% higher at AU$1.22 each at the time of writing this article.
Pls note that Zip's new ticker is still not reflected on the ASX site; therefore, we are using the old ticker in this article.
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Zip announced the proposed acquisition of US BNPL Sezzle (ASX:SZL). The deal is projected to considerably improve Zip's scale and offering in the critical US market, speeding growth and creating significant synergies, all of which will help the company achieve EBTDA profitability and positive cash flow in FY24.
On the other side, Zip has made a series of actions to lower its global and people cost base, and these initiatives are likely to save AU$30 million or more in FY23 on the people side.
Moreover, through a fully underwritten institutional placement and a share purchase plan during the quarter, Zip had raised AU$172.7 million. The company currently has an AU$303.4 million in cash and liquidity (excluding $24 million in SPP proceeds received in April).
Source: © Pavlo1716 | Megapixl.com
Zip's merchant pipeline is in great shape, and the company is excited to welcome game-changing merchants to the platform in the fourth quarter of the financial year 2022.
The core business continues to be robust, and Zip is well-funded and well-positioned to capitalise on the huge market potential as it seeks to reclaim control of its destiny. With a better and fairer digital option for tomorrow's client, Zip is well on our approach to disrupting the unfair and flawed credit card.
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