Affirm Holdings Inc AFRM shares are trading lower Tuesday after Upstart Holdings Inc UPST shares plunged on worse-than-expected quarterly results and soft guidance.
- UPST Revenue: $228.16 million missed estimate of $241.63 million
- UPST EPS: 1 cent missed estimate of 10 cents
"This quarter's results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace," said Dave Girouard, co-founder and CEO of Upstart.
Upstart said it expects third-quarter revenue to be approximately $170 million versus the estimate of $248.92 million.
Related Link: Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'
Both Upstart and Affirm offer lending services. Upstart operates an AI lending platform partnering with banks and credit unions to expand access to affordable credit. Affirm offers a platform for digital and mobile-first commerce.
Affirm is scheduled to announce 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 down 4.3% at $33.40 at time of publication.
Photo: courtesy of Affirm.
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