Company cuts 19% of workforce; shares tank on earnings miss


Affirm misses on top and bottom, announces it's cutting 19% of workforce

Affirm announced it’s cutting 19% of its workforce Wednesday. The news came as it reported second quarter earnings that fell below analyst estimates on both the top and bottom lines.

Shares were down more than 17% after hours.

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In his letter to shareholders Wednesday, Founder and CEO Max Levchin called the decision “the single most difficult one” of all the cuts the company chose to make, and said the layoffs would be effective that day.

Affirm said in June 2022 it had 2,552 employees, which means the layoffs impact about 485 people.

Affirm Holdings Inc. website home screen on a laptop computer in an arranged photograph taken in Little Falls, New Jersey.

Gabby Jones |…

Source cnbc.com

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