Why Affirm Stock Is Trading Higher Today

Affirm Holdings Inc AFRM shares are trading higher Friday after Amazon.com Inc AMZN shares surged on better-than-expected financial results.

Amazon reported second-quarter revenue of $121.23 billion, which beat the estimate of $119.09 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 18 cents per share, which beat the estimate of 13 cents per share.

"Despite continued inflationary pressures in fuel, energy, and transportation costs, we're making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network," said Andy Jassy, CEO of Amazon.

Amazon said it expects third-quarter revenue to be between $125 billion and $130 billion versus the estimate of $126.42 billion.

Related Link: Amazon Q2 Earnings Highlights: Revenue Beat, Loss On Rivian Investment, Prime Day, Guidance And More

Affirm announced a partnership with Amazon last year. The e-commerce giant uses the buy now, pay later company as a payment option on its platform. Amazon customers have the option to split the total cost of purchases into simple monthly payments using Affirm.

Affirm is set to report its fiscal fourth-quarter financial results on Aug. 25.

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

The stock was up 3.68% at $26.78 at press time, according to data from Benzinga Pro.

Photo: courtesy of Affirm.