Affirm Holdings (NASDAQ:AFRM) shares were trading more than 22% lower Wednesday afternoon following the company’s reported Q1 results and guidance cut.
Q3 EPS came in at ($0.86), worse than the Street estimate of ($0.84), while revenue of $361.62 million was slightly above the Street estimate of $360.04 million.
While the results were solid, the company lowered its fiscal 2023 guidance, citing a faster-than-expected reduction in business from Peloton as well as overall macro conditions.
For Q2, the company expects revenue to be in the range of $400-420 million, compared to the Street estimate of $433 million. For fiscal 2023, the company expects revenue in the range of $1.6-1.75 billion, compared to the Street estimate of $1.71 billion.