Zip Co Ltd's stock plummeted 23.76% during intraday trading on Thursday, following the release of its half-year financial results and updated guidance.

The company reported a half-year profit from ordinary activities after income tax attributable of A$52.4 million, which may have fallen short of market expectations. Additionally, Zip Co Ltd indicated that its second-half group cash EBITDA is expected to be broadly in line with the first half, suggesting a lack of growth momentum that disappointed investors.

While the company upgraded its full-year guidance for operating margin and cash EBITDA as a percentage of total transaction value, the positive outlook was overshadowed by the immediate financial performance and stagnant second-half projection.