I'd argue that the customers fell initially in 2022 (due to Zip tightening its approval policies to reduce bad debts etc), but in the 18 months since then customers have been essentially flat. Meanwhile monthly active users have been increasing and revenue has been increasing steadily over that same time period.
They have 6 million customers at the moment approximately, I suspect as with most businesses that only a fraction of those customers are the true high quality regular customers who are driving the growth of the business. Many of those 6 million I suspect have used the product a couple times - it may even be the case that some existing customers are dropping off due to lack of use, or because they have been removed due to being bad debts, and that Zip has been acquiring new customers to replace them - which looks stagnant on a graph, but may be reflected in the one key metric: revenue.
ZIP Price at posting:
$1.32 Sentiment: Buy Disclosure: Held
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