Affirm beats on earnings and revenue in fiscal first quarter.
Affirm, the provider of buy now, pay later loans reported better-than-expected fiscal first-quarter results.
Revenue grew even faster than volume, increasing by 41% from a year earlier, reflecting the company's focus on strong unit economics.Loss per share:Affirm reported gross merchandise volume of $7.6 billion, topping the average estimate of $7.28 billion, according to StreetAccount. GMV, a key metric that helps gauge the total value of transactions, increased by 35% from a year earlier.
Affirm shares were about flat for the year as Thursday's close, but have been trending higher lately, up more than 70% since the end of August."Affirm's growth story has continued, particularly as they add new strategic distribution partners," Kevin Kennedy, an analyst at global research firm Third Bridge, said in an email.
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