Australia's Zip Looks to Be Growing U.S. Market Share -- Market Talk

Dow Jones11-08

0118 GMT - Affirm's first-quarter update suggests that Australia's provider Zip is growing its share of the U.S. installment-payment market, UBS analyst Lucy Huang says. She points out in a note to clients that growth in the value of transactions on Affirm's platform over the three months through September was below that on Zip over the same period. Affirm's gross merchandise volume grew by 35% on-year, more than analysts had expected but below the 43% reported by Zip. However, she observes that Zip's growth is largely driven by increased spending by existing customers. Affirm's mix between growth in customers and average spending is better, she adds. UBS has a buy rating and A$3.65 target price on Zip shares, which are up 3.9% at A$3.23. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 07, 2024 20:18 ET (01:18 GMT)

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