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Affirm (AFRM) fiscal Q2 2022 outcomes

Affirm Holdings Inc. web site dwelling display on a laptop computer laptop in an organized {photograph} taken in Little Falls, New Jersey.

Gabby Jones | Bloomberg | Getty Photos

Affirm inventory dropped 21% to a share worth of $58.68 on Thursday after the corporate reported second-quarter outcomes forward of schedule.

Here is how the corporate did versus Refinitiv consensus expectations for the quarter ending in December:

  • Loss per share: $0.57
  • Income: $361 million vs. $328.8 million anticipated

Affirm stated it anticipated between $1.29 billion and $1.31 billion in income for the 12 months, forward of the $1.27 billion anticipated by analysts.

Early launch

The early launch got here after a since-deleted tweet was despatched from Affirm’s official Twitter account at round 1:30 p.m. ET on Thursday. The tweet introduced particulars of the corporate’s monetary efficiency, together with that its gross sales rose by 77%.

The tweet prompt that Affirm would beat income expectations. Analysts polled by Refinitiv had anticipated a 61% rise. The inventory was briefly up as a lot as 10% on that tweet.

Affirm stated in another tweet later Thursday that its inadvertent launch of economic outcomes was as a result of human error.

Affirm is one in every of a number of scorching “buy now, pay later” firms, which supply short-term and low-interest loans to customers after they purchase client items on-line.

For instance, customers shopping for a $1,450 Peloton bike will pay it off over 39 months with funds as little as $45 by means of Affirm. Final 12 months, Affirm introduced a partnership with Amazon to be the only non-credit-card supplier for financing for merchandise the retail large sells within the U.S.

Affirm went public in January 2021, and its share worth has fallen about 64% from its peak final November. It was based by Max Levchin, one of many authentic founders of PayPal.

Correction: This story was up to date to replicate the proper steerage.

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