Splitit (ASX:SPT) share price slides despite record quarter

Splitit Ltd (ASX: SPT) shares have been performing well of late, having gained nearly 17% over the last month. Today, however, the Splitit share price is falling. This comes after the buy now, pay later (BNPL) company released its FY20 fourth quarter report.

By the market’s close, Splitit shares had fallen 2.7% lower to $1.46.

Record quarter

The Splitit share price is sliding lower today despite the company reporting record quarterly results. Gross revenue surged to US$2.9 million, up 359% year on year (YOY), surpassing the total revenue achieved in FY19.

Notably, the company grew its merchant sales volume (MSV) 218% YoY to US$86.3 million. The increase equates to US$345 million when annualised. This was driven largely by the…