Afterpay jumps as co raises stake in U.S. unit, Citi predicts record app download month
09/04/2021 04:33
** Buy-now-pay-later industry leader Afterpay Ltd APT.AX
firms as much as 3.3% to A$123.99, hits over one-month high
** APT says after completion of tender offer under 2018
equity incentive plan, its stake in booming U.S. business has
increased to 91% from 80% at the end of HY urn:newsml:reuters.com:*:nASXb8jvKQ
** Citi Research, in a note that came before APT's
announcement, says its analysis of web data shows growth
accelerated across all of co's markets in March
** U.S. saw record month for app downloads, likely due to
in-store traction, marketing activities and stimulus payments -
Citi
** Estimates APT's website visits from Australia were up 59%
on a yearly basis vs up 40% in Feb, though app downloads
continued to drop
** Brokerage says rival Zip Co's Z1P.AX website visits and
app downloads in Australia likely fell but Q3 customer growth
overall could surprise on the upside
** APT shares on track for a sixth day of gains; up 1.7%
this year, as of last close
(Reporting by Anushka Trivedi in Bengaluru)
((Anushka.Trivedi@thomsonreuters.com; +918061823241;))