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Confirm caution as inflation weakens users to buy now and pay later

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News Tech: NEW YORK (AP) — Shares of buy-now, pay-later company Affirm, which grew rapidly in the past two years as American consumers increasingly tried online installment loans, fell sharply Thursday after the company gave a more cautious outlook for its current fiscal year.

High inflation has raised investor concern about borrowers’ ability to keep up with their monthly payments. Buy-now, pay-later companies are being closely watched because of how quickly they grew during the pandemic.

The outlook came with the company’s report of a quarterly loss that was wider than what Wall Street expected.

In its fiscal fourth-quarter earnings report, Affirm cited a small tick up in delinquencies during the year. In an interview with The Associated Press, founder and CEO Max Levchin said the company is seeing “some level of stress” in customers with the lowest credit profiles.

InflationBiden rallies for Democrats, slams ‘semi-fascism’ in GOPInflation is driving Americans to bargain chain storesWall Street rallies as countdown to Fed speech nears endViews on pandemic clash in politically divided Kentucky

Affirm said it expects revenue for its current fiscal year in the range of $1.63 billion to $1.73 billion, compared with the $1.9 billion in revenue that analysts were looking for, according to FactSet. On a per-share basis, the San Francisco-based company said it had a loss of 65 cents in its fiscal fourth quarter that ended June 30.

Shares of Affirm Holdings Inc. have declined 69% since the beginning of the year. _____

This story was partially generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on AFRM at https://www.zacks.com/ap/AFRM.

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