The Afterpay Touch Group Ltd (ASX: APT) share price jumped 5% in early trading today and finished up around 2% higher after announcing its November 2019 update.
The buy now, pay later giant informed investors how the Black Friday and Cyber Monday sales went last weekend as well as telling the market how the month went.
Afterpay said that it achieved a record sales performance for the month of November and the Black Friday & Cyber Monday. Over the two days it achieved underlying sales of $160 million, up 160%, and new customer growth of more than 140,000, also up more than 160%.
Underlying sales for one month was $1 billion, which is the highest since Afterpay started and obviously contributed a lot to the total underlying sales of $3.7 billion in the first five months of FY20.
During the month, Afterpay added 0.5 million net new customers and finished the month with 6.6 million customers and 42,500 active merchants. More than 22,000 new customers per day on average joined the Afterpay platform in November.
Afterpay US now has a customer base of more than 3 million, which is similar to the customer numbers in Australia & New Zealand. It took only 19 months after launch to reach this total.
In the UK, over 500,000 active customers have transacted with Afterpay after approximately seven months since launch.
The ANZ region continues to see pleasing growth from new customers and repeat customers according to Afterpay.
December may also prove to be an impressive month because the November underlying sales and new customer numbers exclude Cyber Monday which occurred on 2 December 2019.
Foolish takeaway
Afterpay's continuing growth is very impressive. As long as Afterpay's business model isn't affected by merchant fee changes I think it's pleasing to realise that Afterpay's customers can come back again and again. However, Afterpay's share price is now almost above $30 – I'm not sure what the right price to pay for Afterpay is.
