Ann: Q3 FY22 Results - Zip Accelerates Path to Profitability, page-208

this was one of the dozen red flags I raised last year which made me go from bull since early 2018 to bear on steroids

we missed the US growth opportunity even with the acquisition of quadpay (who themselves were growing at seriously impressive rates across all metrics). They took over a growing company which subsequently reflected 3 consecutive slowed US quarters, including a rebrand.

instead of growing organically in the US and using all expenses to push brand awareness, they decided to spend the said money acquiring random start ups in random geographies, diluting shares more and more. They even bought a minority stake in India. It was only late last year that they went on a huge US splurge with Times Square etc. seems about 4 years, and a rebrand of quadpay, too late.

I’ve said it once and I’ll say it again.

4 very similar businesses
3 very similar growth strategies
1 very different leadership team
1 very different outcome

Afterpay and zip
2 very similar businesses
both established / incorporated very similarly
2 very similar aspirations
2 very different strategies
2 very different outcomes