Australia's Zip hits over 2-1/2-year low after fraud event weighs on quarterly results

By Reuters News

** Shares of ZIP ZIP.AX fall as much as 50.5% to A$1.025, their lowest level since March 4, 2024

** The buy-now, pay-later firm said external fraud event in the US in its fiscal first quarter temporarily weighed on transaction volumes and customer growth

** Fintech firm posts 1Q27 cash EBTDA of A$65 million, up 3.4% from a year before, but misses Citi's forecast of A$78 million by 17%

** Lower-than-expected quarterly EBTDA primarily due to fraud-related costs of A$10 million, says Citi

** About 46.1 million shares change hands, 3x 30-day average

** Stock down 55% YTD, including the day's move

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