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

Affirm announced its cutting 19% of its workforce arsenic it reported second 4th earnings that fell beneath expert estimates connected some the apical and bottommost lines.

Shares were down much than 17% aft hours.

In his missive to shareholders Wednesday, Founder and CEO Max Levchin called the determination "the azygous astir hard one" of each the cuts the institution chose to make, and said the layoffs would beryllium effectual that day.

The institution reported a nonaccomplishment per stock of $1.10 for its fiscal 2nd 4th of 2023, portion analysts were anticipating a nonaccomplishment of 98 cents per share, according to Refinitiv. It besides missed connected gross expectations, reporting $400 cardinal successful gross for the 4th compared to expert estimates of $416 million, according to Refinitiv.

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