Affirm to lay off 19% of staff, stock tanks after earnings

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Affirm Holdings Inc. shares were plunging 18% in after-hours trading Wednesday after the buy-now-pay-later company fell short with its results and outlook.

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

That company was doom since day one. Good thing all the early IPO investors stole all that money.

Thats not bullish? Lol

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: CNBC - 🏆 12. / 72 Read more »