https://www.cnbc.com/2023/02/08/affirm-cuts-19percent-of-workforce-shares-tank-on-earnings-miss.html
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.
Affirm said in June 2022 it had 2,552 employees, which means the layoffs impact about 485 people.
“Everything changed in mid-2022,” Levchin said, pointing to Federal Reserve policy that he said has “dampened consumer spending and increased Affirm’s cost of borrowing dramatically.”
submitted by /u/magenta_placenta
[comments]
Source link
