Why Affirm Holdings Stock Is Diving After Hours

Affirm Holdings Inc AFRM shares are trading lower in Tuesday's after-hours session after the company reported mixed financial results and issued guidance below analyst estimates.

What Happened: Affirm reported fiscal first-quarter revenue of $361.62 million, which beat average analyst estimates of $359.68 million, according to Benzinga Pro. The company reported a quarterly net loss of 86 cents per share, which missed average estimates for a loss of 83 cents per share. 

Affirm said it continues to "move deliberately towards" its ultimate goal of turning the company's adjusted operating income profitable by the end of fiscal 2023.

"The path to profitability is very clear: Revenue Less Transactions Costs must exceed all other costs of operating Affirm," the company said in a letter to shareholders.

Affirm expects full-year 2023 revenue to be between $1.6 billion and $1.675 billion versus average estimates of $1.71 billion. 

See Also: High Interest Rates Bad News For Upstart And Affirm 

Affirm offers a platform for digital and mobile first commerce, consisting of a point-of-sale payment solution, merchant commerce solutions and a consumer-focused app.

AFRM Price Action: Affirm has a 52-week high of $102.21 and a 52-week low of $13.64.

The stock was down 17.3% in after hours at $12.93 at time of publication. 

Photo: courtesy of Affirm.