AFR - Five results to watch in a pivotal earnings season.
Aug 9, 2021 – 5.00am
"Within hours of the announcement that Square would buy Afterpay, speculation turned to whether a wave of consolidation might be about to break in the buy now, pay later sector.
Zip shares jumped 12 per cent on the Monday the Square/Afterpay deal was announced, and ended the week 15 per cent higher.
Zip delivered solid numbers in the fourth quarter, with revenue doubling. But there are growing concerns about competition, particularly in the key US market where PayPal and Apple are now active and now colliding with investors’ high-growth expectations.
Afterpay was facing exactly the same headwinds, but has now found a suitor willing to take it off the board at a rich price.
Is there a buyer waiting for Zip? Reports have suggested a strategic investor has a stake of some 4 per cent, just below the threshold at which they must disclose a substantial holding. Fingers have pointed to Swedish giant Klarna, which makes even more sense now, as a deal would likely give the pair extra clout to take it to the Square-backed Afterpay, PayPal and Apple.
Zip investors will be looking for guidance on how the company plans to tackle this new environment."
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