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Affirm Holdings | 8-K: Third Fiscal Quarter 2024 Financial Results

SEC announcement ·  May 8 19:04
Summary by Futu AI
On May 8, 2024, Affirm Holdings, Inc. released its financial results for the third fiscal quarter ending March 31, 2024, through a Shareholder Letter. The company reported a Gross Merchandise Volume (GMV) of $6.3 billion, marking a 36% year-over-year growth and the fourth consecutive quarter of accelerating GMV growth. Revenue increased by 51% to $576 million, and Revenue Less Transaction Costs (RLTC) grew 38% to $231 million. The company achieved an Adjusted Operating Income of $79 million, a significant improvement from a ($6) million loss in the same quarter of the previous year. Affirm's operating loss was reduced to ($161) million from a ($310) million loss year-over-year. The company highlighted the success of its core products and features, such as the Affirm Card, which surpassed one million active cardholders...Show More
On May 8, 2024, Affirm Holdings, Inc. released its financial results for the third fiscal quarter ending March 31, 2024, through a Shareholder Letter. The company reported a Gross Merchandise Volume (GMV) of $6.3 billion, marking a 36% year-over-year growth and the fourth consecutive quarter of accelerating GMV growth. Revenue increased by 51% to $576 million, and Revenue Less Transaction Costs (RLTC) grew 38% to $231 million. The company achieved an Adjusted Operating Income of $79 million, a significant improvement from a ($6) million loss in the same quarter of the previous year. Affirm's operating loss was reduced to ($161) million from a ($310) million loss year-over-year. The company highlighted the success of its core products and features, such as the Affirm Card, which surpassed one million active cardholders, and the introduction of an AI assistant in customer support. Affirm's funding capacity slightly increased to $15.6 billion, and the company remains confident in its long-term target range for RLTC as a percentage of GMV. The company's active consumer count grew to 18.1 million, and active merchant count increased to 292,000. Affirm's financial outlook for the fiscal fourth quarter of 2024 estimates revenue between $585 to $605 million and GMV between $6.75 to $6.95 billion.

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