Why Affirm Shares Are Falling

Affirm Holdings Inc AFRM shares are trading lower by 9.7% at $53.02 Friday morning after the company reported worse-than-expected second-quarter EPS results.

Affirm reported quarterly losses of 57 cents per share which missed the analyst consensus estimate of a loss of 34 cents by 67.65 percent. Affirm reported quarterly sales of $361.00 million which beat the analyst consensus estimate of $328.80 million by 10%.

"Affirm's strong growth accelerated this quarter, reflecting the key advantages of our superior technology, and commitment to putting people first," said Max Levchin, Founder and CEO of Affirm. "We more than doubled gross merchandise volume year over year. Over the last 12 months, we have added nearly seven million active consumers to our network, while enabling 168,000 merchant partners to better serve their customers."

Levchin continued, "Millions of people see Affirm as a smart way to pay because of our honest, transparent, and customizable payment terms. Merchants recognize our ability to help them drive growth and deliver the experience consumers are demanding at checkout. We remain focused on extending our lead as we scale enterprise partnerships and benefit from self-reinforcing network effects. With our talented team of Affirmers, we have never been more excited to expand the impact of our mission."

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Affirm has a 52-week high of $176.65 and a 52-week low of $46.50.