Affirm Stock Slides After Early Release of Earnings Results

Affirm saw its stock fall as much as 21% Thursday (Feb. 10) after the buy now, pay later (BNPL) company mistakenly tweeted a portion of its second-quarter results ahead of schedule.

As CNBC reported, the since-deleted tweet from the company’s official Twitter account included information about Affirm’s performance, including the fact that it saw a 77% increase in sales.

The tweet indicated that Affirm would beat revenue expectations. As CNBC noted, analysts polled by Refinitiv had anticipated a 61% increase.

Affirm said in a follow-up tweet Thursday that the accidental release of financial results was a result of human error.  Once the partial information was released, the company went ahead and posted its entire results for its fiscal second quarter during the regular trading session, rather than waiting until after the close of trading as is customary.

See also: Affirm Turns Its App Into a Super App

Last month, Affirm’s app evolved into a super app, giving customers the ability to access all of the company’s shopping, payments and financial services from the same place.

“We know that consumers want a one-stop shop to manage their finances,” founder and CEO Max Levchin said. “Affirm saw this firsthand when we added Savings to our app, which has since attracted more than $300 million in total deposits while driving meaningful engagement.”

The company said the super app provides customers with a snapshot into how much they might be able to spend, their cash-back earnings, their savings and outstanding payments.

Read more: Hot Affirm IPO Points To Rising Competition And Demand In BNPL Segment

It also lets them browse exclusive offers from their favorite stores, shop online or in-store by creating a single-use Affirm virtual card, and manage their payments and savings, whether that means switching on autopay, making early payments or checking the savings they’ve earned.

Affirm, based in Silicon Valley, was founded by Levchin — formerly of PayPal — 10 years ago. The company went public last year with an initial public offering that gave it a value of $12 billion.