Australia's Zip slumps as earnings miss Citi estimates

Zip Co

29/01/2025 23:52

** Shares of Zip Co  ZIP.AX  down 16.2% to A$2.75
    ** Stock falls as much as 19.3% earlier in the day, marking
its worst intraday drop since July 29, 2022 and hitting its
lowest level since Oct. 8
    ** Digital financial services firm reports cash EBITDA of
A$35.3 mln ($22.00 mln) for its second quarter
    ** Citi analysts say cash EBITDA missed Citi's estimates of
A$44 mln by 20%, primarily due to a 4% revenue miss and higher
costs - Citi
    ** About 13.6 mln shares change hands, vs the 30-day average
of 10.8 mln shares
    ** Stock down nearly 10% this year, including day's move

($1 = 1.6044 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))