why?Because:macro conditions has drastically changed;...

why?
Because:
macro conditions has drastically changed; discretionary spending has reduced. All time consumer confidence in kits are at all time low. Putin's Ukraine illegal invasion putting pressure on prices of foods and oil etc exacerbating rising inflation. Us, hi K, Germany, Russia etc etc all have run away inflation. Turkey is at 70% inflation from a year prior!
so you have less demand for discretionary spending means lower volume and lower growth for Zip.
Increased inflation also means increased borrowing costs to zips business. Let's say they need to fund 500 million dollars but the bank's say that'll cost you 5%. And they put that 500 million to work and make 3 % return... Means they are loosing money.
As inflaioj increased cost of borrowing increases. This impacts the cost for zip to run its operation. It hasn't been able to increase its fees in line with inflation rises
Runaway inflation also puts pressure on rising wages as people want to make sure they re earning just as much in real terms so employees ask for more money meaning more costs.
Competition continues to ramp up while same time zips growth continues to slow; apple pay; PayPal; Afterpay, Klarna. Klarna is still by far the biggest.
rotation out of high growth stocks to those delivering profits ; this creates less demand on owning stock in spaces like BNPL. Less demand for the share means a reduced price of that share.
changing regulations on bnpl
Rising losses. Zip lost 110 million last half. Double that making 220 million lost for FY.
They lost 1/5 billion dollars in a year....