Why Affirm Stock Lost 22% in November
Buy-now, pay-later company Affirm Holdings (NASDAQ: AFRM) lost 22% of its value in November, according to data from S&P Global Market Intelligence. The decline in the stock price was part of a broader drop across the fintech industry, as inflation took hold and fear of the omicron variant sent stock prices down.
On Nov. 10, Affirm posted excellent results for the first fiscal quarter, ended Sept. 30. Revenue and gross merchandise volume (GMV) growth exceeded expectations, increasing 55% and 84% year over year, respectively. GMV excluding its largest customer, Peloton Interactive, increased 134%. Management raised its fiscal outlook as a result of the high increases.
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Source Fool.com
