Affirm Holdings Inc (NASDAQ: AFRM) is pushing to the upside in premarket on Wednesday after coming in ahead of Street estimates for its fiscal third quarter.
Affirm stock rallies on impressive outlook
The stock is being rewarded also because $AFRM issued upbeat guidance for the future. The financial technology company expects its revenue to fall between $585 million and $605 million in the current quarter.
Analysts, in comparison, were at $576 million. Max Levchin – the chief executive of Affirm Holdings said in a letter to shareholders today:
Our consumers love Affirm. We cannot wait to deliver a few more amazing products and services in the coming weeks and months for them – and for the merchants where they shop.
The Nasdaq-listed firm forecasts up to $6.95 billion in gross merchandise volume (GMV) in Q4. Affirm stock is now up nearly 20% versus its year-to-date low.
Watch here: https://www.youtube.com/embed/ShEcKfyARY0?feature=oembed
Notable figures in Affirm Q3 earnings release
- Lost $133.93 million versus the year-ago $205.67 million
- Per-share earnings also narrowed from 69 cents to 43 cents
- Active consumers increase 13% to 18.1 million as per the earnings report
- Revenue climbed 51% year-over-year to $576 million
- Consensus was 69 cents a share loss on $550 million in revenue
Affirm saw its GMV grow 36% to $6.3 billion in its thid quarter. CEO Levchin also said on Wednesday:
We feel quite comfortable executing in the current economic and interest rate environment. We remain firmly in control of credit outcomes.
Note that $AFRM is no longer the exclusive provider of BNPL loans at Walmart after peer One launched its buy now pay later services in April as Invezz reported here.
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