Shares of Affirm Holdings Inc tumble 13 per cent in premarket trading on Friday after the buy-now-pay-later lender's full-year revenue forecast missed Wall Street estimates, underscoring the broader downturn in the fortunes of the once high-flying fintech sector. Rising rates, geopolitical turmoil and a s
Shares of Affirm Holdings Inc tumble 13 per cent in premarket trading on Friday after the buy-now-pay-later lender's full-year revenue forecast missed Wall Street estimates, underscoring the broader downturn in the fortunes of the once high-flying fintech sector.
Affirm said on Thursday it expects full-year 2023 revenue between $1.63 billion and $1.73 billion, below Wall Street views of $1.9 billion, according to Refinitiv data. The fintech is among the top trending tickers on retail investor-focused forum StockTwits on Friday, with message volumes surging over 200 per cent on the stock.
Red hot inflation has also played spoilsport for consumer finance companies as surging costs dampen purchasing power and force Americans, especially those in the lower income bracket, to tighten their purse strings.
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