Earnings Recap – November 11th 💰

by 12 Nov, 2021

Earnings Recap – November 11th

Affirm

​​Shares of fintech company Affirm soared Thursday after posting their latest quarterly numbers.

The company’s stock soared as high as 30% after hours Wednesday after Affirm said it’s expanding its partnership with Amazon.

Affirm reported revenue of $269.4 million and beat a Refinitiv estimate of $248.2 million. The buy now, pay later company also reported a quarterly loss per share of $1.13.

“Our strong quarter once again demonstrates the continued momentum across Affirm as more people embrace the transparency, flexibility, and value our solutions provide,” said Max Levchin, Founder and CEO of Affirm. “

Our unrivalled technology, industry-leading talent, and the investments we are making are delivering results. Over the last year, we expanded our network by increasing the number of active merchants on our platform to over 100,000 and more than doubling the number of active consumers. These deep connections and our partnerships with merchants drove growth in GMV, frequency of engagement, and revenue.”

Affirm also gave strong guidance for the current quarter, estimating $320 million to $330 million in revenue, versus analyst expectations of $296 million.

Affirm shares closed up 13.7% on Thursday.

Beyond Meat

Beyond Meat reported a wider-than-expected loss for its fourth quarter and revenue that fell short of analysts’ estimates.

Beyond reported fiscal third-quarter net loss of $54.8 million, or 87 cents per share, wider than a net loss of $19.3 million, or 31 cents per share, a year earlier. Analysts surveyed by Refinitiv expected a loss of 39 cents per share.

Net sales rose 12.7% to $106.4 million, missing expectations of $109.2 million.

Investors expressed concern on Wednesday that customers might not be getting the idea behind Beyond Meat. “I think this is an opportunity for us to continue to lay the core foundation of our future growth,” Beyond Meat Chief Executive Ethan Brown said in a call with investors Wednesday night. “I think we need to continue to create more data around the points of the benefits of our products.”

The company’s revenue forecast for the fourth quarter is far from hot. Beyond Meat projects between $85 million and $110 million. Analysts polled by FactSet had projected $130.5 million.

Beyond Meat stock plunged 17% in premarket trading.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

 

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