This week is proving to be monumental for the Zip Co Ltd (ASX: ZIP) share price. The S&P/ASX 200 Index (ASX: XJO) buy now, pay later (BNPL) favourite is racing towards the finish line in a blur of green.
At the time of writing, the Zip share price is 90.5 cents. Thatâs 17% higher than its previous close and 59% higher than it was at the end of last week.
For context, the ASX 200 has fallen 0.04% today and is currently 2.8% higher than it was at last Fridayâs close.
Letâs take a closer look at whatâs been going on with the ASX BNPL share this week.
Why has the Zip share price rocketed 59% this week?
The Zip share price is leaping higher on Friday, topping off an incredible weekâs trade. There has only been one announcement from the BNPL stock this week, and boy did it get the market in a spin.
Zip released its results for the final quarter of financial year 2022 yesterday, detailing a 27% jump in quarterly revenue compared to the prior corresponding period.
The companyâs quarterly transaction numbers also lifted 37% year-on-year, while its bad debts in Australia and New Zealand increased 42 basis points quarter-on-quarter.
Interestingly, Zip co-founder and CEO Larry Diamond said the companyâs decision to scrap its planned merger with Sezzle Inc (ASX: SZL) earlier this month will see it reach profitability earlier.
The Zip share price gained 13% amid anticipation of the results on Wednesday and launched 17% following their release on Thursday. Thus, today’s gains might be yet another reaction to the company’s quarterly results.
The post Up 59% this week: Why is the Zip share price surging another 17% today? appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets
- Why Kelsian, Link, Liontown, and Zip shares are racing higher
- ASX 200 midday update: ANZ’s capital raising, Link jumps, Zip’s Q4 update
- Zip share price up 5% following Q4 update
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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