Affirm cuts 19% of workforce shares tank on earnings skip

Affirm cuts 19% of workforce shares tank on earnings skip


Affirm Holdings Inc. web page home monitor on a notebook computer system in an organized photograph taken in Small Falls, New Jersey.

Gabby Jones | Bloomberg | Getty Pictures

Affirm announced its slicing 19% of its workforce as it documented second quarter earnings that fell beneath analyst estimates on both of those the major and bottom lines.

Shares have been down far more than 17% soon after hrs.

In his letter to shareholders Wednesday, Founder and CEO Max Levchin referred to as the conclusion “the single most tough a single” of all the cuts the company selected to make, and claimed the layoffs would be successful that working day.

The company noted a loss for each share of $1.10 for its fiscal next quarter of 2023, although analysts were being anticipating a reduction of 98 cents for each share, in accordance to Refinitiv. It also skipped on revenue expectations, reporting $400 million in profits for the quarter in comparison to analyst estimates of $416 million, according to Refinitiv.

Levchin stated in his letter to shareholders that Affirm carries on to search for to turn into “altered working revenue beneficial as we exit this fiscal year.”

This is breaking information. You should look at again for updates.



Supply

Tesla Autopilot plaintiffs seek 5 million in damages over fatal crash in Florida
Technology

Tesla Autopilot plaintiffs seek $345 million in damages over fatal crash in Florida

A Tesla vehicle passes the Wilkie D. Ferguson Jr. U.S. Courthouse as jury selection began in connection with allegations regarding the safety of Tesla’s autopilot system on July 14, 2025 in Miami, Florida. Joe Raedle | Getty Images Tesla is facing a crucial verdict in a personal injury trial over a fatal Autopilot crash in […]

Read More
Facing questions on AI strategy, Tim Cook says Apple is ‘very open’ to acquisitions
Technology

Facing questions on AI strategy, Tim Cook says Apple is ‘very open’ to acquisitions

Tim Cook arrives for the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, on July 8, 2025. David Grogan | CNBC Apple’s AI strategy and investment was on the mind of analysts on an earnings call after the company reported third-quarter earnings that showed […]

Read More
Figma’s top VCs are sitting on  billion worth of stock after massive IPO pop
Technology

Figma’s top VCs are sitting on $24 billion worth of stock after massive IPO pop

Figma Inc. signage during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 31, 2025. Michael Nagle | Bloomberg | Getty Images You can almost smell the bubbly wafting across Silicon Valley. Following Figma’s blockbuster market debut on Thursday, four of the most iconic […]

Read More