The Afterpay Limited (ASX: APT) share price is storming higher following the release of a sales update.
In morning trade the payments company’s shares were up as much as 9.5% to $31.87.
They have since dropped back a touch but are still up 5% to $30.54 at the time of writing.
What was in Afterpay’s sales update?
This morning Afterpay released a sales update for the month of November and the key Black Friday and Cyber Monday trading days.
According to the release, Afterpay achieved $1 billion of monthly underlying sales in November. This represents the highest monthly performance since inception and brought its total underlying sales during the first five months of FY 2020 to $3.7 billion.
Customer numbers have also been growing at an explosive rate. On average, over 22,000 new customers per day joined the Afterpay platform during November.
This led to the addition of approximately 500,000 new customers during the month, lifting its total active customers to 6.6 million.
A good portion of this growth came from its United States business, which now has a customer base of over 3 million. This is now the same as the ANZ business, but was achieved just 19 months after launching in the market.
Strong growth was also achieved in the UK market. At the end of November more than 500,000 active customers had transacted with Afterpay within 7 months of its launch.
Black Friday and Cyber Monday update.
Pleasingly, both Black Friday (November 29) and Cyber Monday (December 2) represented record trading days across several key performance indicators.
Over the two days, underlying sales came in at over $160 million. This is an increase of 160% on the sales achieved during Black Friday and Cyber Monday in 2018. Customer growth also increased 160% over the prior corresponding period to a total of 140,000 over the two days.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.