Why Affirm Holdings Shares Are Falling After Hours

Affirm Holdings Inc AFRM shares are trading lower in Monday's after-hours session after Upstart Holdings Inc UPST reported financial results and issued guidance below analyst estimates. 

Upstart said first-quarter revenue increased 156% year-over-year to $310 million, which beat the $300.12 million estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 61 cents per share, which beat the estimate of 50 cents per share. 

Upstart expects second-quarter revenue to be between $295 million and $305 million versus the $334.8 million estimate. Full-year 2022 revenue is expected to be about $1.25 billion versus the $1.4 billion estimate.

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 set to announce its quarterly financial results after the market closes on May 12.

Related Link: Why Upstart Shares Are Falling During Monday's After-Hours Session

AFRM Price Action: Affirm shares are making new 52-week lows on Monday.

The stock was down 11.4% in after-hours at $18.24 at press time.

Photo: courtesy of Affirm.