“The US consumer is alive and well” – Affirm CEO says market turbulence is not impacting business

Max Levchin, chairman and CEO of Affirm Holdings, told CNBC that US consumers — and Affirm’s customers — are spending healthily despite the poor market performance this year.

“US consumers are doing well. They shop, they buy, they pay their loans, at least they certify that fairly well. Overall everything is going according to plan, the turmoil in the stock markets doesn’t seem to be having any real impact on our underlying business, which is doing really, really well,” Levchin said in an interview with Mad Money on Thursday night.

Shares of Affirm rose more than 20% to around $22.50 on Friday, the day after the buy-now-pay-later lender’s latest quarterly earnings report, which posted a smaller-than-expected loss. Affirm also topped revenue estimates and said it is extending its partnership with Shopify.

“We’ve been, if you will, the partner of choice for all these really, really great companies powering American e-commerce, and we’ve done well there. That’s where all of our growth comes from, which means we also have a fantastically growing program … a retailer self-service,” Levchin said, noting that Affirm also has partnerships with Walmart and Amazon.

Affirm opened near $25 a share on Friday. But it’s still down 85% since its all-time high of $176.65 in November.

Affirm has yet to release its full-year 2023 outlook or full-year guidance. It is planned to publish these figures in the company’s next earnings report.

Still, Levchin, Affirm’s founder, seemed optimistic about the company’s growth prospects.

“Some of our competitors just recently released their 15% CAGRs, some of them aren’t public, so I don’t really know. You can see from my numbers that we’re doing well, with really, really quality earnings, really good unit economics,” he said. “Everyone should buy now, pay later.”

https://www.cnbc.com/2022/05/13/us-consumer-is-alive-and-well-affirm-ceo-says-market-turbulence-has-no-impact-on-business.html “The US consumer is alive and well” – Affirm CEO says market turbulence is not impacting business

Gary B. Graves

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