Buy-now-pay-later operator Afterpay may be winning over shoppers, but this has come at the cost of a widening loss for its first-half.
Afterpay lost $28.9 million in the six months to December 31 compared to a $22 million loss for the same period last year.
The costs of hiring more staff, marketing and other operating expenses were responsible for the result.
Afterpay says this is all part of its plan to help boost income and growth.
It reported total income was up 96 per cent to $220 million.
No dividend has been declared.
Afterpay’s most prominent app-based service has been winning over young people, who are increasingly paying with phone services rather than credit cards.
Other players in the growing market include Zip Pay, Ezypay and zipMoney.
By 1040 AEDT, shares in the company were trading 2 per cent lower at $35.18.
AAP
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