Affirm Holdings Inc AFRM reported fiscal third-quarter financial results on Wednesday. The stock price gained after the results.
Affirm said fiscal third-quarter revenue increased 51% year over year to $576 million, beating the consensus estimate of $549.42 million.
The company reported an EPS loss of $(0.43), which beat analyst loss estimates of $(0.67).
Gross merchandise volume grew 36% year-over-year to $6.3 billion as growth accelerated for the fourth straight quarter, beating analysts' estimate of $6 billion, Barrons reported. Revenue minus transaction costs was up 38% year-over-year to $231 million.
Affirm noted that it had crossed 1 million active Affirm card consumers at the end of the quarter. Affirm card gross merchandise volume came in at about $374 million.
Outlook: Affirm expects fiscal fourth-quarter revenue of $585.00 million-$605.00 million, significantly higher than the estimates of $576.34 million. The company expects a gross merchandise volume of $6.75 billion-$6.95 billion.
Prior reports indicated Walmart Inc WMT-backed fintech startup One, a direct Affirm rival, offering buy now, pay later options for big-ticket items in some U.S. stores.
Analysts consider Affirm a long-term winner in the domestic BNPL space with significant opportunities to scale internationally, especially given the success of Klarna (private). Still, they expect the headwinds to keep the shares range-bound over the next 12 months.
Price Action: AFRM shares were down 8.6% at $31.88 at last check Wednesday.
Now Read: Uber’s Profit Takes A Hit Despite Revenue Uptick, Stock Tanks
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.