Here's Why Affirm Stock Is Falling Alongside Walmart And Shopify Today

Here's Why Affirm Stock Is Falling Alongside Walmart And Shopify Today

Affirm Holdings Inc AFRM shares are trading lower Tuesday after Walmart Inc WMT slashed guidance for the second quarter and full fiscal year.

Walmart said it revised its outlook as a result of pricing actions aimed to improve inventory levels at Walmart and Sam's Club in the U.S. Walmart uses Affirm as a payment option. 

See Also: Jim Cramer Slaps Walmart Around, Sets The Stage For Costco, Target And Amazon: 'This Is Not Forgivable'

The buy now, pay later company also has a partnership with Shopify Inc SHOP, which announced a workforce reduction on Tuesday. Shopify reportedly plans to cut 1,000 jobs, or 10% of its global workforce.

Affirm operates a platform for digital and mobile-first commerce. The company offers a point-of-sale payment solution for consumers, merchant commerce solutions and a consumer-focused app. 

AFRM Price Action: Affirm has traded between $102.21 and $13.64 over a 52-week period.

The stock was down 10.2% at $23.49 at press time, according to data from Benzinga Pro.

Photo: courtesy of Affirm.

Posted In: why it's movingNewsGuidanceMoversTrading Ideas