Why Affirm Shares Are Falling
Affirm Holdings Inc (NASDAQ: AFRM) shares are trading lower as the stock pulls back from recent strength, which was driven by strong first-quarter results.
Affirm on Wednesday reported quarterly losses of $1.13 per share which missed the analyst consensus estimate of a loss of 30 cents per share. Affirm reported quarterly sales of $269.40 million which beat the analyst consensus estimate of $248.23 million by 9%.
The company announced that it has expanded its relationship with Amazon (NASDAQ: AMZN). Affirm will be generally available to support all eligible purchases of $50 or more on Amazon.com and the Amazon shopping app in the United States.
"Our strong quarter once again demonstrates the continued momentum across Affirm as more people embrace the transparency, flexibility and value our solutions provide," said Max Levchin, Founder and CEO of Affirm.
"Our unrivaled technology, industry-leading talent and the investments we are making are delivering results. Over the last year, we expanded our network by increasing the number of active merchants on our platform to over 100,000 and more than doubling the number of active consumers. These deep connections and our partnerships with merchants drove growth in GMV, frequency of engagement, and revenue," Levchin stated.
Affirm offers a platform for digital and mobile-first commerce. It comprises a point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. The firm generates its revenue from merchant networks, and through virtual card networks.
See Also: Why (And When) Anthony Scaramucci Expects Bitcoin To Reach 0,000
Affirm has a 52-week high of $176.65 and a 52-week low of $46.50.
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