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Affirm's Shares Surge 33% as Profitability Goals Exceed Expectations

Affirm's Shares Surge 33% as Profitability Goals Exceed Expectations

Affirm's recent quarterly results have sent its shares soaring by 33%, reflecting a significant turnaround for the buy-now-pay-later lender. The company reported a net revenue increase of 48%, totaling $659.2 million for the quarter ending June 30, which surpassed analyst expectations of $603.7 million. Furthermore, Affirm's net loss narrowed to just 14 cents per share, a marked improvement compared to the anticipated 48 cents loss. This positive performance has led Affirm to project profitability by the fourth quarter of the next fiscal year, a timeline that analysts from Bank of America and J.P. Morgan find optimistic yet achievable given the current lower interest rate environment and the company's strong operating momentum. The growth in Gross Merchandise Volume (GMV), which rose 31% to $7.2 billion, further underscores Affirm's robust positioning in the market, especially against a backdrop of declining consumer spending in the broader payments sector.

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