Afterpay share price up as underlying sales rise $160m in just 2 days

Talk about exponential.

The Afterpay (ASX: APT) share price has soared as much as 5.59% today – after the fast-growing tech company revealed that during the Black Friday and Cyber Monday sales, the company brought in underlying sales of $160m.

Broadly commenting on the nature these events – CEO of Australia’s National Retail Association – Dominique Lamb said it had been ‘absolute bedlam’.

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Afterpay share price: two days of pure madness

Quantifying the ‘absolute bedlam’ of these sales events can however be an imprecise business. Luckily, Afterpay has today done just that, revealing a set of record-breaking operational statistics brought in during those two frenzied days.

Here it was revealed that APT notched up:

'Underlying sales of over $160m (2 days) were up over 160% on the equivalent BFCM days in 2018.'

Customer growth also exploded, with:

'New customer growth of over 140,000 (2 days) was up over 160% on the equivalent BFCM days.'

The company pointed out that both of these operational highlights 'materially outstripped previous daily records’ for APT.

It’s unsurprising then that the Afterpay (ASX: APT) share price rose as much as it did during today’s morning session.

In saying that, this bullish price action was also likely helped by the broader market rally and easing volatility. Here, the S&P 500 rose overnight, up approximately 20 points. The ASX 200 was buoyed by Wall Street's optimism, getting a kick at the open, with the blue-chip benchmark climbing almost 60 points just before noon.

Other thoughts and facts

Besides the key figures discussed above, Afterpay also took today as a chance to update the market on a number of other operational milestones achieved in the November calendar month.

On the front-line, Afterpay noted that the company achieved $1.0bnn in underlying sales (GMV) during November 2019. This record month – the highest since the company’s inception – materially contributed to the company's FY20 underlying sales – which currently stand at $3.7bn.

The company further flagged that 'on average, over 22,000 new customers per day joined the Afterpay platform in November' – equating to 500,000 net new customers for the month.

Today’s November figures likely help explain why the Afterpay share price has risen 142% YTD.

The growth story, it would seem, marches on.