BNPL lender Affirm’s plummet 22% following bleak full-year revenue forecast

Affirm Holdings Inc (NASDAQ: AFRM) tumbled more than 22% on Friday after the buy-now-pay-later lender’s full-year revenue forecast missed Wall Street estimates.

The company on Thursday said it expects full-year 2023 revenue between $1.63 billion and $1.73 billion, which was below Wall Street’s estimation of $1.9 billion.

“In light of the uncertain macroeconomic backdrop, we are approaching our next fiscal year prudently,” said Chief Financial Officer Michael Linford.

Rising interest rates, geopolitical turmoil and a sector-wide sell-off in high-growth technology stocks have shaved off Affirm’s market cap, with shares down nearly 70% so far this year.