- Confirmed shares rose in after-hours trading on Wednesday, after the company said it would expand its partnership with Amazon.
- The company also beat revenue in the first quarter of the financial year.
Shares of Affirm, the digital “buy now, pay later” company, soared more than 29% in post-trade Wednesday, after the company said it would expand its partnership with Amazon. The company also beat analysts’ estimates on revenue for the first quarter of the fiscal.
Here’s how Affirm did it:
- EPS: $1.13 adjusted per share
- Revenue: $269.4 million versus $248.2 million estimated by analysts
As part of the new agreement with Amazon, Affirm will operate as the only third-party buy, pay later option for the e-commerce giant. Amazon will also integrate the platform into its digital wallet in the US. Confirmation can be used for eligible purchases of $50 or more on Amazon.
Affirm also gave strong guidance for the current quarter, forecasting $320 million to $330 million in revenue, versus analyst expectations of $296 million.
The company first announced the partnership in August, a move that boosted Affirm shares by nearly 47%. Some of the company’s biggest competitors include Afterpay and Klarna. Apple is also reportedly working on an installment plan product in partnership with Goldman Sachs.
Confirmed shares closed down more than 15% in regular trading on Wednesday.