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Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey, USA on Wednesday, December 9, 2020.
Gabby Jones | Bloomberg | Getty Images
Affirm reported better-than-expected fiscal fourth quarter results after the bell on Thursday, including strong guidance and revenue growth of 71%.
The stock climbed more than 18% in extended trading after the report.
Here’s how the company did it:
- Returned: $ 261.8 million vs. $ 225 million expected, according to Refinitiv survey of analysts
- Loss per share: 48 cents per share, not comparable to estimates
Affirm is a major player in the booming buy now, pay later space, allowing people to split their purchases into installments. Founded in 2013 by PayPal co-founder Max Levchin, Affirm debuted on the stock exchange in January, with shares starting at $ 90.90 per share, after trading at $ 49 per unit.
Affirm gave optimistic indications for the current quarter. He expects revenue for the fiscal first quarter of 2022 to be between $ 240 million and $ 250 million, which topped analysts’ estimates of $ 233.9 million.
The company had 7.1 million active customers in the fourth quarter, up from 5.4 million in the prior period.
The blockbuster earnings report comes after Affirm last month announced its partnership with Amazon to launch the e-commerce giant’s first partnership with an installment payment player. The partnership allows Amazon customers in the United States to split purchases of $ 50 or more into smaller monthly installments.
In the earnings report, Affirm said its forecast for the full year and the first quarter of the fiscal year does not take into account potential contributions to revenue or gross merchandise volume from the partnership with Amazon, which is currently being tested with some customers, before deploying more. widely over the next few months.
– CNBC’s Kate Rooney contributed to this report.
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