AFFIRM HOLDINGS, INC.

(AFRM)
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Delayed Nasdaq  -  05/16 04:00:00 pm EDT
22.95 USD   -3.21%
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Affirm lifts revenue outlook, extends Shopify deal; shares surge

05/12/2022 | 06:06pm EDT

May 12 (Reuters) - Affirm Holdings Inc raised its annual revenue forecast and said it has extended a multi-year partnership with Shopify in the United States, sending shares of the buy now, pay later (BNPL) firm up 23% aftermarket on Thursday.

San Francisco-based Affirm's third-quarter revenue surged 54%, surpassing the company's estimates, as it benefited from higher interest income and loan sale volumes as well as a surge in users.

"Our strong performance demonstrates our ability to drive growth with attractive unit economics, despite volatile market conditions," Chief Financial Officer Michael Linford said in a statement.

The company's results are in sharp contrast to fintech firm Upstart Holdings, which lowered its annual revenue outlook on Tuesday in a sign of declining loan demand as interest rates rise amid decades-high inflation.

Affirm said active merchants on its platform grew to 207,000 from 12,000 last year, while active consumers increased 137% to 12.7 million.

BNPL firms like Affirm earn from charging merchants a fee to offer their customers small, point-of-sale loans which are paid back in interest-free installments over a period of time, bypassing credit checks.

"Affirm is well-positioned for continued growth and long-term value creation ... We plan to achieve a sustained profitability run rate on an adjusted operating income basis by July 1, 2023," Chief Executive Officer Max Levchin said.

Affirm raised its full-year revenue forecast to between $1.33 billion and $1.34 billion, up from $1.29 billion to $1.31 billion earlier.

The company also narrowed its loss to $54.7 million, or 19 cents a share, from $287 million, or $1.23 a share, a year ago, as it recognized a $136.2 million gain in the third quarter.

Analysts had expected a loss of 51 cents a share, according to data from Refinitiv.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AFFIRM HOLDINGS, INC. -3.21% 22.95 Delayed Quote.-77.18%
SHOPIFY INC. -10.57% 359.95 Delayed Quote.-73.87%
UPSTART HOLDINGS, INC. -0.89% 37.79 Delayed Quote.-75.02%
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Analyst Recommendations on AFFIRM HOLDINGS, INC.
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Financials (USD)
Sales 2022 1 340 M - -
Net income 2022 -679 M - -
Net Debt 2022 1 513 M - -
P/E ratio 2022 -9,77x
Yield 2022 -
Capitalization 6 791 M 6 791 M -
EV / Sales 2022 6,20x
EV / Sales 2023 4,48x
Nbr of Employees 2 233
Free-Float 73,7%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 23,71 $
Average target price 40,87 $
Spread / Average Target 72,4%
EPS Revisions
Managers and Directors
Max R. Levchin Chairman & Chief Executive Officer
Michael Linford Chief Financial Officer & Secretary
Libor Michalek Director & President-Technology
Jeremy Liew Independent Director
Christa Sober Quarles Independent Director
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