The Zip Co Ltd (ASX: Z1P) share price is off to a disappointing start to the week, sliding 3.95% to a near three-month low of $6.81.
Zip fourth quarter results fail to impress investors
Last Thursday Zip released its Q4 FY21 results.
The company delivered classic triple-digit year-on-year growth across group revenue, transaction volume, and transaction numbers.
In addition, Zip reiterated its focus on global expansion, acquiring the remaining shares of Twisto Payments and Spotii Holdings to enter the respective Europe and Middle East markets.
During the quarter, the company launched organically into Canada and Mexico.
And in May, Reuters reported that Zip chief executive Larry Diamond is, “actively looking at Singapore, Malaysia, Thailand, Philippines and India.”
Despite what was otherwise a solid result with plenty of growth initiatives, the Zip share price would tumble 7.91% to $6.91 on the day of the announcement.
Selling pressure continues to mount
The Zip share price has experienced three major sell-offs this month.
On 14, 15, and 22 July, the company’s shares fell 11.4%, 5.6%, and 7.9% respectively.
On these dates, approximately 25 million, 20 million, and 30 million shares exchanged hands.
To add some perspective, the current 10-day average volume of Zip shares is approximately 14 million.
It’s more than just the Zip share price
The broader ASX-listed buy now, pay later sector is under pressure on Monday, with selling across the board.
The Afterpay Ltd (ASX: APT) share price is down 2.4% to $104.31.
Sezzle Inc (ASX: SZL) is the hardest hit in the large cap space, down 4.57% to $7.72.