Zip Co has achieved record revenue results in FY22 of $620 million but the ongoing issue of bad debts and a major impairment charge has seen the company?s losses blowout to $1 billion.
The buy-now-pay-later outfit said it will close its UK operations as it retreats to core markets in Australia and the United States.
?Our ability to pivot and adapt to the new world, showcases the resilience and viability of our business model as we focus on the opportunity ahead in FY23?, said CEO Larry Diamond.
The Zip Co Ltd share price is in the green today.