The stock market was mostly flat on Friday, with all three major indexes moving up or down by 0.1% or less as of 11 a.m. EST. However, recent fintech IPO Affirm Holdings (NASDAQ: AFRM) was a big underperformer, with shares down by 9% for the day after falling as much as 12% earlier in the day.
Affirm, which provides buy-now-pay-later, or BNPL, services for merchants, just issued its first earnings report since its IPO, and most of the news looks strong. Affirm’s merchant base grew by 90% year over year, and revenue soared by 57%. The active customers using Affirm to finance purchases grew by 52% over the past year. In the quarter ended Dec. 31, 2020, Affirm financed gross merchandise volume (GMV) of $2.1 billion. In most key metrics, including revenue, Affirm handily beat analyst expectations.