2023-05-09 16:49:59 ET
Affirm Holdings ( NASDAQ: AFRM ) slightly improved its the midpoint of its full-year revenue outlook after delivering fiscal Q3 loss per share and revenue that came in better than consensus estimates as expenses pulled back.
The Buy Now, Pay Later financing company now expects FY2023 revenue of $1,532M-$1,557M, vs. $1.52B average analyst estimate, compared with $1,475M-$1,550M in the prior guidance.
Gross merchandise volume for the year is expected to be $19.89B-$20.04B, vs. Visible Alpha consensus of $19.54B and $19.0B-$20.B in the previous view. It sees adjusted operating margin of -7.0% to -5.9% vs. -9.0% to -7.5% in the previous target.
For FQ4, the company sees revenue of $390M-$415M, compared with the $391.5M consensus. GMV is targeted to be $5.20B-$5.35B vs. $5.05B Visible Alpha consensus, and adjusted operating margin is expected to be -5% to -1%.
Turning to FQ3 results, Affirm's ( AFRM ) net loss per share of $0.69, vs. -$0.84 expected, narrowed from -$1.10 for the three months ended Dec. 31, 2022, and widened from -$0.19 in the year-ago quarter.
Total net revenue of $380.98M, exceeding the $371.96M consensus, rose from $399.56M in FQ2 and from $354.76M a year earlier.
AFRM edged down 0.7% in after-hours trading, after gaining 3% in regular trading hours.
Operating expenses totaled $691.01M, down from $759.09M in the previous quarter and up from $581.31M in FQ3 2022.
GMV came in at $4.6B compared with $5.7B in FQ2 and $3.9B in the year-ago quarter.
Adjusted operating margin improved to -1.7% from -15.5% in FQ2 and fell from 1.1% in FQ3 2022.
Conference call at 5:00 p.m. ET.
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Affirm slightly improves year guidance midpoint; fiscal Q3 loss better than feared