At least we know it's not just Zip that is experiencing the losses. Block would have expected these numbers and they still proceed to buy Afterpay for $39B. They wouldn't have done this if they didn't believe in the BNPL model.Afterpay’s 2021 loss balloons to $US345.5 million
Tom Richardson
Afterpay-owner Block has released accounts showing that Afterpay’s net loss ballooned to $345.5 million in 2021 for the six months to December 31, versus $79.2 million in 2020.
Afterpay’s operating loss nearly quadrupled to $263.7 million for the six months to December 31, 2021, versus $68.2 million in 2020.
Total income climbed 54 per cent to $644.9 million. Income from merchant fees made up $560.7 million, with late fees and other income reaching $78.5 million.
Bad debts ballooned to $176.7 million over the six-month period, versus $72.1 million in the prior corresponding period. In effect bad debts made up 27.4 per cent of total revenue over the half-year.
In February 2022 Block completed its acquisition of Afterpay by offering 0.375 Block shares for every Afterpay share.
It's Not Just Zip
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