NurPhoto/Getty Images
- Affirm shares fell 10% in premarket trading Friday after the fintech tweeted Q2 earnings details early.
- The tweet, which said “a great quarter is in the books,” was later deleted, and Affirm said it was posted in error.
- Affirm brought its report release forward, and the stock sank 21% as the full financial performance was seen.
Affirm stock tumbled 10% in Friday’s premarket session after the “buy now, pay later” fintech unintentionally shared a key part of its second-quarter results ahead of schedule.
A now-deleted post from its official Twitter account at about 1.30 p.m. ET on Thursday shared details on its financial performance, according to media reports and apparent screenshots posted to Twitter.
The tweet included an image labeled “FY Q2 2022 Earnings” along with a link to the fintech’s official investor relations site, the New York Post reported.
It said Affirm’s revenue soared 77% in the reporting period, as total transactions rose 218% and active consumers grew 150%.
“Another great quarter is in the books as we accelerated our growth,” it reportedly said.
Affirm’s stock was up 10% before the blunder, and initially rose after it. But they had tumbled more than 21% by around 3 p.m. ET Thursday.
They were last down 9.7% at $52.95 a share in Friday’s premarket session, and are down 41% so far this year.
Affirm, founded by PayPal co-founder Max Levchin, is a service that lets online shoppers pay for purchases in installments rather than in one go, and is seen as an alternative to credit cards. When it went public in January 2021, its stock soared nearly 100% in its market debut.
The company confirmed the blunder, and said it was bringing the release of its complete results forward because of it.
It was originally scheduled to report its second-quarter earnings after the bell Thursday, followed by a conference call with analysts at 5 p.m. ET.
—Affirm (@Affirm) February 10, 2022
In its full release, Affirm posted a loss of $0.57 and revenue of $361 million, higher than the $328.8 million analysts expected.
For the full year, it expects to generate revenue between $1.29 billion and $1.31 billion, slightly more than the $1.27 billion expectations.
Twitter users were quick to jump on the blunder and criticize Affirm for what they saw as carelessness.
“Lost over 50k because of this mistake,” one wrote. “Entire plan was to expect earnings after hours not during.”
Powered by WPeMatico
