Affirm Holdings Inc AFRM is trading significantly higher Thursday after the company announced better-than-expected fiscal first-quarter top-line results and issued guidance above estimates.
Affirm reported a quarterly earnings loss of $1.13 per share, which may not compare to estimates for a loss of 30 cents per share. The company reported quarterly revenue of $269.4 million, which beat the estimate of $248.23 million.
Affirm expects fiscal second-quarter revenue to be in a range of $320 million to $330 million versus the estimate of $296.09 million.
"Over the last year, we expanded our network by increasing the number of active merchants on our platform to over 100,000 and more than doubling the number of active consumers. These deep connections and our partnerships with merchants drove growth in GMV, frequency of engagement, and revenue," said Max Levchin, founder and CEO of Affirm.
- Credit Suisse analyst Timothy Chiodo maintained Affirm with a Neutral rating and raised the price target from $105 to $150.
- RBC Capital analyst Daniel Perlin maintained Affirm with an Outperform rating and raised the price target from $130 to $175.
Affirm offers a platform for digital and mobile-first commerce. It comprises a point-of-sale payment solution for consumers, merchant commerce solutions and a consumer-focused app.
See Also: 12 Information Technology Stocks Moving In Thursday's Pre-Market Session
AFRM Price Action: Affirm has traded as high as $176.65 and as low as $46.50 over a 52-week period.
The stock was up 21.80% at $162.63 at time of publication.
Photo: courtesy of Affirm.
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