andrea the 14 % qoQ rise in ANZ is very significant growth and...

andrea the 14 % qoQ rise in ANZ is very significant growth and even with the decrease in margin the ANZ geo is still generating more than 30 recent higher revenue per TTV dollar sold than Afterpay. That's really the yard stick measure.
Afterpay may be able to cycle their debt 12 times a year but at the end of all that the revenue they are making is still only 4.48% and going on the last quarterly Afterpay refused to show the revenue margins they've made in their report suggesting a significant drop in revenue per TTV, at a guess it's less than 4 percent now.
I'm guessing they didn't report it in the hope they have 3 more quarters to improve the revenue per TTV by tightening or adjusting a few things in the business to bump it up
Afterpay have said that 10 percent of their customer base buy 53 items or more a year. So what about the other 90 percent.
We really need more transparent data from Afterpay so it can be compared properly. My take is they are intentionally not doing that as they don't want investors spooked. It's a good strategy, just look at the share price.