Afterpay has failed to receive the share price spike some pundits tipped would follow its full-year results, as questions remain as to whether the company will turn a profit.

The buy now pay later group reported a full-year net loss of $19.8 million on Thursday, although this was an improvement on the previous year’s loss of $42.9 million.

Management preferred to talk about results such as a 103 per cent lift in income to $502.7 million, and customer numbers more than doubled to 9.9 million across Australia, New Zealand, the US and UK.

Yet investors did not feel the same way. In the first hour of trade, the shares fell to a session low of $85.02.

They have edged higher since, but had a modest rise of 0.71 per cent to $91.36 at 1540 AEST.

RBC Capital Markets analyst Tim Piper believed the result was not a surprise as management had revealed most key data earlier.

He was interested in whether the company could continue growing to turn a profit.

Mr Piper noted Afterpay started trading in Canada this month and would soon start testing Europe and Asia.

The company has also started rolling out a cross-border platform to help customers buy from overseas.

Mr Piper said Afterpay’s recent capital raising from investors ($786 million) would allow this growth over the medium term.

RBC has a price target of $77.0 for Afterpay, meaning analysts believe it’s over-valued.

More detailed data from Afterpay revealed about 17,300 new customers each day were added to its lending books in the second half of 2019/20, as the coronavirus pandemic took hold and more people began shopping online from home.

The average customer order was $153.

Some 55,400 merchants are using the Afterpay service, up 72 per cent from the previous year.

The company is yet to pay a dividend.