Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey.
Gabby Jones | Bloomberg | Getty Images
Affirm stock dropped as much as 26% on Thursday after the company reported second-quarter results ahead of schedule.
Here’s how the company did versus Refinitiv consensus expectations for the quarter ending in Dec .:
- Loss per share: $ 0.57 per share
- Revenue: $ 361 million vs. $ 328.8 million expected
Affirm stock was up about 10% during trading ahead of the company’s second-quarter earnings on Thursday.
The early release came after an apparently since-deleted tweet sent from the official Affirm Twitter account on Thursday morning, which included details about the company’s financial performance including that its sales rose by 77%.
The tweet suggested that Affirm would beat revenue expectations. Analysts polled by Refinitiv had expected a 61% rise.
Affirm is one of several hot “buy now, pay later” companies that offer short-term and low-interest loans to users when they buy consumer goods online.
For example, users buying a $ 1,450 Peloton bike 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 sole non-credit card provider for financing for products the retail giant sells in the US
Affirm went public in Jan. 2021 and is currently 50% lower than its IPO price. It was founded by Max Levchin, one of the original founders of PayPal.