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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