Affirm revenue beats estimates as BNPL volumes, users jump

Affirm: BNPL

Affirm Holdings Inc reported quarterly revenue above Wall Street estimates, boosted by growth in active consumers, merchants and volumes of goods sold through its buy now, pay later (BNPL) platform.

The BNPL industry has taken off over the past year, as homebound consumers took to online shopping and used pay later options to make purchases easier on their wallets.

BNPL firms charge merchants a fee for offering their customers small, point-of-sale loans which are paid back in interest-free instalments, bypassing credit checks in the process.

Total revenue rose to $269.4 million in the first quarter from $173.9 million a year earlier. Analysts on average were expecting revenue of $248.23 million, according to IBES data from Refinitiv.

Net loss per share attributable to common stockholders was $1.13 for the three months ended September the 30th, 2021, compared to a loss of 6 cents per share a year earlier.

Gross merchandise volume (GMV), which refers to the volumes of goods sold through Affirm’s BNPL platform, rose 84% to $2.7 billion.

Affirm’s active consumers more than doubled in the past quarter to 8.7 million, while merchants on its platform rose to 102,000 from just 6,500 a year earlier.

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The team at Platform Executive hope you have enjoyed the ‘Affirm revenue beats estimates as BNPL volumes, users jump‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sohini Podder in Bengaluru. Editing by Vinay Dwivedi.

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