Zip Co reported results for the second quarter of FY24, indicating a strong quarter with margin expansion and improved positive group cash EBTDA performance.
The company reported a transaction volume of $2.8 billion, up by 8.5% compared to the second quarter of FY23, while its revenue increased by 26.1% to reach $225.6 million.
The revenue margin improved to 8.2%, and the cash transaction margin rose 3.5%. Active customer numbers grew to 6.3 million by the end of the quarter, up from 6.1 million in the first quarter.
Zip's US business delivered a record quarter, with revenue growing by 34.8% and transaction volume up by 31.1%. Zip recently announced a partnership with Google Pay, which went live in January.