Why Affirm Stock Surged Today
Shares of Affirm Holdings (NASDAQ: AFRM) jumped 13.7% on Thursday after the financial services company saw its revenue boosted by its partnerships with e-commerce titans Shopify (NASDAQ: SHOP) and Amazon.com (NASDAQ: AMZN).
Affirm's revenue leaped 55% year over year to $269.4 million in its fiscal 2022 first quarter. That bested Wall Street's projections, which had called for revenue of $248.2 million.
The number of merchants active on Affirm's platform skyrocketed to 102,000, up from 6,500 in the year-ago quarter. Soaring usage of installment payment services among Shopify's over 1.7 million online business customers is helping to turbocharge Affirm's expansion.
Source Fool.com
