Afterpay share price up as underlying sales rise $160m in just 2 days
Much to the excitement of the market, Afterpay has today revealed a set of record-breaking figures stemming from the Black Friday and Cyber Monday sales events.
Talk about exponential.
The Afterpay (ASX: APT) share price has soared as much as 5.59% today – after the fast-growing tech company revealed that during the Black Friday and Cyber Monday sales, the company brought in underlying sales of $160m.
Broadly commenting on the nature these events – CEO of Australia’s National Retail Association – Dominique Lamb said it had been ‘absolute bedlam’.
Practise trading Australian stocks like Afterpay with an IG demo account now
Afterpay share price: two days of pure madness
Quantifying the ‘absolute bedlam’ of these sales events can however be an imprecise business. Luckily, Afterpay has today done just that, revealing a set of record-breaking operational statistics brought in during those two frenzied days.
Here it was revealed that APT notched up:
'Underlying sales of over $160m (2 days) were up over 160% on the equivalent BFCM days in 2018.'
Customer growth also exploded, with:
'New customer growth of over 140,000 (2 days) was up over 160% on the equivalent BFCM days.'
The company pointed out that both of these operational highlights 'materially outstripped previous daily records’ for APT.
It’s unsurprising then that the Afterpay (ASX: APT) share price rose as much as it did during today’s morning session.
In saying that, this bullish price action was also likely helped by the broader market rally and easing volatility. Here, the S&P 500 rose overnight, up approximately 20 points. The ASX 200 was buoyed by Wall Street's optimism, getting a kick at the open, with the blue-chip benchmark climbing almost 60 points just before noon.
Other thoughts and facts
Besides the key figures discussed above, Afterpay also took today as a chance to update the market on a number of other operational milestones achieved in the November calendar month.
On the front-line, Afterpay noted that the company achieved $1.0bnn in underlying sales (GMV) during November 2019. This record month – the highest since the company’s inception – materially contributed to the company's FY20 underlying sales – which currently stand at $3.7bn.
The company further flagged that 'on average, over 22,000 new customers per day joined the Afterpay platform in November' – equating to 500,000 net new customers for the month.
Today’s November figures likely help explain why the Afterpay share price has risen 142% YTD.
The growth story, it would seem, marches on.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
