Why Shares of Affirm Are Falling Today
Shares of the buy now, pay later (BNPL) company Affirm (NASDAQ: AFRM) traded roughly 16.6% lower as of 10:22 a.m. ET today after the company reported earnings results for the fourth fiscal quarter of 2022 that disappointed the market.
Affirm reported a net loss of $0.65 on total revenue of $361.4 million for the quarter ending June 30. Earnings missed consensus, while revenue beat.
Gross merchandise volume (GMV), which is the total dollar amount of volume that goes through Affirm's platform, came in at $4.4 billion in the quarter, which is up from $3.9 billion in the prior quarter and up from $2.5 billion year over year. For the full fiscal year, GMV came in at $15.8 billion, up almost 87% from fiscal year 2021.
Source Fool.com
