Affirm Holdings Inc. shares plunged 18% in extended trading Wednesday after the buy-now-pay-later company fell short with its results and outlook, while announcing plans to lay off 19% of its staff.
The company generated a fiscal second-quarter net loss of $315 million, or $1.10 cents a share, compared with $158 million, or 57 cents a share, in the year-prior quarter. Analysts tracked by FactSet were expecting a 95-cent loss per share on a GAAP basis. Levchin added in the shareholder letter that its “pricing initiatives are now starting to produce results,” which is expected to be a tailwind to gross merchandise volume, “but we learned a valuable lesson in network management.”
That company was doom since day one. Good thing all the early IPO investors stole all that money.
Thats not bullish? Lol
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Affirm cuts 19% of workforce; shares tank on earnings missAffirm reported second quarter earnings that fell below analyst estimates on both the top and bottom lines. TechCheck CEO Max Levchin needs to resign before share holders kick him out.
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