Affirm (AFRM) Second Quarter Fiscal 2022 Results
Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey.
Gaby Jones | Bloomberg | Getty Images
Affirm stock fell 21% to a price of $58.68 on Thursday after the company announced its second-quarter results ahead of schedule.
Here’s how the company fared against Refinitiv consensus expectations for the quarter ending December:
- Loss per share: $0.57 per share
- Income: $361 million vs. $328.8 million expected
Affirm stock rose about 10% in trading ahead of the company’s second-quarter results on Thursday.
The early release came after a since-deleted tweet sent from Affirm’s official Twitter account on Thursday morning, which included details about the company’s financial performance, including that its sales were up 77%.
The tweet suggested that Affirm would exceed revenue expectations. Analysts polled by Refinitiv were expecting a 61% upside.
affirm said in a tweet Thursday that its inadvertent release of financial results was the result of human error.
Affirm is one of many “buy now, pay later” companies that offer short-term, low-interest loans to users when purchasing consumer goods online.
For example, users who buy a Peloton bike for $1,450 can pay it off over 39 months with payments as low as $45 through Affirm. Last year, Affirm announced a partnership with Amazon to be the only credit card-free provider for financing the products the retail giant sells in the United States.
Affirm went public in January 2021, and its stock price has fallen about 64% from its high of last November. It was founded by Max Levchin, one of the original founders of PayPal.