Why Affirm Stock Tumbled Today
Shares of Affirm Holdings (NASDAQ: AFRM) plunged 22% on Wednesday after the financial services company warned of a slowing pace of expansion in the year ahead.
Active consumers on Affirm's platform jumped 69% year over year to 14.7 million in its fiscal 2023 first quarter ended Sept. 30. Active merchants, meanwhile, surged 140% to 245,000. Affirm's total transactions, in turn, increased 97% to 13.3 million.
The growing usage of Affirm's buy now, pay later services can also be seen in the company's gross merchandise volume, or GMV. This closely followed metric, which essentially represents the total dollar amount of transactions processed on its network, rose 62% to $4.4 billion.
Source Fool.com
