Shares in Affirm Holdings (AFRM) crashed Wednesday in the wake of the consumer financing firm’s fiscal first-quarter earnings. The company also lowered its full-year outlook for AFRM stock amid slowing sales at key customer Peloton Interactive (PTON).
Affirm reported a larger-than-expected loss in the September quarter while revenue met expectations amid a slowing economy. AFRM stock plummeted 22.6% to close at 12.10 on the stock market today.
In the Affirm earnings report, the company reported an 86-cent loss per share vs. analyst estimates for an 84-cent loss. Also, revenue rose 34% to $361.6 million, in line with estimates. In the year-earlier period, Affirm reported a loss of $1.13 per share.