A lot of people have already talked about the good parts of this announcement so I won't bother (US growth looking very good though!) but can some one explain why revenue has only increased 3% in AU for the quarter when AU is also showing 12% increase in merchants, 10% increase in customers, 9% increase in transaction volume and 14% increase in transactions?
Compare that to the US which has large increases in all those metrics but with revenue having the largest increase.
I wonder if this is showing signs of margin compression in the mature AU market? E.g. similar to FXL which reported lower BNPL revenue and had attributed that directly to having to price more competitively? Not sure if this is the case, but I'm trying to make sense of the numbers.
Any input would be appreciated!
Ann: Quarterly Update, page-73
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