Confirm (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
  • Income: $361 million vs. $328.8 million expected

Affirm said it expects revenue of between $1.29 billion and $1.31 billion for the year, ahead of the $1.27 billion forecast by analysts.

Early release

The early release came after a since-deleted tweet was sent from Affirm’s official Twitter account around 1:30 p.m. ET on Thursday. The tweet announced details about the company’s financial performance, including that its sales had increased by 77%.

The tweet suggested that Affirm would exceed revenue expectations. Analysts polled by Refinitiv were expecting a 61% upside. The stock briefly rose 10% on this tweet.

affirm said in another tweet later Thursday that its inadvertent release of financial results was due to 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.

Correction: This story has been updated to reflect the correct advice.

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