Afterpay sent out some mixed signals when it hosted a teleconference yesterday to update the market on its March quarter performance. Underlying sales fell 4 per cent globally in the second half of March as lockdown and social isolation protocols took effect. But then sales picked up 10 per cent in the first half of April.Afterpay chief executive Anthony Eisen said: "At this point it is difficult to identify any sustained trends in any of our regions, as a result of COVID-19"The buy now pay later company's sales data reveals a big increase in online sales, which accounted for 88 per cent of underlying sales in March, a big fall in travel and entertainment spending, a fall in the sale of luxury goods and an increase in the sale of homewares."We have had a rush of merchants [signing up] as they boost their online presence," Eisen said.The company adjusted its risk management settings last month, tightening spending limits and targeting lower risk product categories. It made a change to its payment formula where Australian consumers pay the first instalment at the time of purchase (this was already in place in the United States and the United Kingdom).Eisen said: "We fund low value transactions and our receivables book turns over every 30 days. It is a low-risk profile and it allows us to see any problems emerging and make adjustments quickly."He said the tighter rules would constrain business growth in the short term. Afterpay has not experienced any material deterioration in loss performance indicators, although there was an increase in hardship claims in mid-March.The financials for March include financial year-to-date underlying sales of A$7.3 billion (up 105 per cent on the previous corresponding period), 8.4 million active customers at the end of March (up 122 per cent year on year) and 48,400 active merchants (up 78 per cent).Losses for March were around 1 per cent, which is in line with the December half. The net transaction margin was around 2 per cent, also broadly in line with the December half.Its cash position has grown from $425.6 million at the end of December to $541 million at the end of March. It has debt of $355.7 million - down from $416.9 million in December.It has $1.2 billion of warehouse receivables funding facilities across three providers and has $662 million of headroom under those facilities.Eisen said the company had no need to raise additional capital.