SYDNEY (Reuters) – Australian buy-now-pay-later company Zip Co Ltd said on Thursday it may take an impairment charge on its new U.S. and European businesses, exit Singapore and “deprioritise” a cryptocurrency offering, citing challenging market conditions.
“Reflecting current market conditions, the company has reviewed the goodwill against the Spotti, Twisto and Quadpay assets and is assessing the need to take an impairment charge,” the company said in a trading update.
“Zip is in the process of closing its Singapore business, consistent with the aim to reduce group cash burn. Previously planned new financial services products, including crypto … have been deprioritised,” it added.
(Reporting by Byron Kaye; Editing by Jacqueline Wong)
