Brave call Prestonian: you say that staff and admin costs remain static regardless of revenue growth? Office leases, equipment and suchlike?

This is the headline and an excerpt from the AFR article published today, so they're doing it all wrong I'd say.

'Afterpay’s bad debts climb, just like its costs

They show a business with growing revenue, up from an annual $924 million, but with costs rising at the same pace or slightly more. This year, rival Affirm withdrew from the Australian market, Laybuy delisted from the ASX and Openpay failed as conditions became more challenging for buy now pay later providers.Afterpay’s employee spending went from $151 million to $406 million, while share-based payments soared from $59 million to $204 million. Spending on everything from general administration to communications and technology was all substantially up.'

Anyway, I reckon you blokes arguing the toss over BNPL 'profitability' are going to come round to our way of thinking in time. That is me and BNPL management lol, because just as last year they were all going to be cashflow positive and profitable this year and next, this year they will all be relying on margin / term lending for their bread and butter. They will still be trying to tweak their BNPL businesses, they won't be getting out of it in the near future, but they know they can't make money. IMO