Affirm Is Soaring Today -- Is the Buy Now, Pay Later Business Doing Well?
The stock market was having a generally positive day on Friday, but buy now, pay later fintech company Affirm (NASDAQ: AFRM) was a major standout. As of 10 a.m. ET, Affirm shares have risen by 25% for the day.
In a nutshell, Affirm's earnings report, which was released Thursday after the market closed, was far better than expected.
Not only did revenue in the latest fiscal quarter grow by 22% year over year (YOY) despite the difficult economic climate, it also came in significantly better than analysts had expected. Gross merchandise volume through Affirm's platform was $5.5 billion, up 25% from the same quarter a year ago. On the bottom line, Affirm did post a net loss for the quarter, but it was much narrower than expected.
Source Fool.com
