Affirm Slashes 19% of Jobs After Earnings Miss [Barron's]
Amazon.com, Inc. (AMZN)
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Source: Barrons
Founder and CEO Max Levchin said he was “deeply sorry” for those affected by the job cuts. In a letter posted on Affirm AFRM –6.91% ‘s website, he said the company's decision to grow rapidly during the pandemic and its too-slow response to macroeconomic challenges that increased its costs “means that we have built a much larger team than we can reasonably expect to support.” Shares dropped more than 19% in after-hours trading on Wednesday. For the fiscal 2023 second quarter, Affirm (ticker: AFRM) reported a loss of $1.10 a share, while analysts had been looking for a loss of 95 cents a share. Although gross merchandising volume rose 27%, active consumers rose 39%, and transactions per active consumers rose 38%, Affirm posted a second-quarter operating income loss of $360 million, or a loss of $62 million on an adjusted basis. Quarterly revenue of $400 million was up 11% from the same quarter in fiscal 2022, but less than the $416 million analysts were expecting. Affirm's sh
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