Affirm cuts 19% of workforce; shares tank on earnings miss

https://www.cnbc.com/2023/02/08/affirm-cuts-19percent-of-workforce-shares-tank-on-earnings-miss.html

Affirm introduced it’s reducing 19% of its workforce Wednesday. The information got here because it reported second quarter earnings that fell beneath analyst estimates on each the highest and backside strains.

Shares had been down greater than 17% after hours.

Affirm stated in June 2022 it had 2,552 workers, which suggests the layoffs affect about 485 folks.

“Every part modified in mid-2022,” Levchin stated, pointing to Federal Reserve coverage that he stated has “dampened client spending and elevated Affirm’s value of borrowing dramatically.”