It's funny the reaction to this. They're a new finance company.
Compare, SQ2 - since the sale their bad debts have gotten way worse.
disallowed/business/banking-and-finance/afterpay-posts-huge-loss-as-bad-debts-mount-20220412-p5acvr.html
And people are dropping IOU like a hot stone? It makes no sense.
Compare afterpay's 2016 performance - their net transaction loss was higher, 0.9%. They had about 7 times the unique customer base at the time although their revenue per unique customer was much lower.
https://www.asx.com.au/asxpdf/20160825/pdf/439m2kgkdkbcjw.pdf
Again, people are flipping out over this announcement but it doesn't seem to me to be bad news.
Maybe someone can explain it to me as if I was a 12 year old, because I thought the "IOU" hype was due to the "BNPL" offering, which is growing and seems to be performing well. I'm not getting it.
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