Affirm Holdings Inc AFRM shares are trading lower Wednesday after Target Corp TGT shares fell on weak earnings results. Target uses Affirm's buy now, pay later option.
- TGT Revenue: $26.04 billion missed estimate of $26.09 billion
- TGT EPS: 39 cents missed estimate of 73 cents
Target said inventory actions put significant pressure on its near-term profitability.
Still, the retailer reaffirmed full-year revenue growth guidance in the low- to mid-single digit range. The company said it expects an operating margin rate around 6% in the back half of the year.
See Also: Why Target Stock Is Sliding Today
Target announced a partnership with Affirm last year. The retailer uses Affirm as a payment option. Target customers have the option to split the total cost of purchases over $100 into simple monthly payments using the company's buy now, pay later technology.
AFRM Price Action: Affirm has a 52-week high of $102.21 and a 52-week low of $13.64.
The stock was down 6.54& at $37.30 at press time, according to Benzinga Pro.
Photo: courtesy of Affirm.
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