“The US consumer is alive and well” – Afferm CEO Says Market Turbulence Has No Business Impact

Affirm the holdings President and CEO Max Levchin told CNBC that despite poor market performance this year, US consumers – and Affirm’s customers – are spending healthily.

“The US consumer is alive and well. They are shopping, they are buying, they are paying their loans, at least to say quite well. In general, things are going according to plan, the upheaval in the stock markets does not seem to have an impact. real about our underlying business, which is doing very well indeed, “Levchin said in an interview Thursday night on “Crazy money.”

Affirmation Actions increased by more than 20% at about $ 22.50 on Friday, the day after the buy-now, pay-later lender’s latest quarterly earnings report, which posted a lower-than-expected loss. Affirm also beat frontline estimates and said it is extending its partnership with Shopify.

“We have been the partner of choice, if you will, for all these really great companies that power American e-commerce and we did well there. That’s where all our growth comes from, that being said, we too have a program in extraordinarily good growth … a self-service merchant, “Levchin said, noting that Affirm also has partnerships with Walmart Other Amazon.

Claims open Friday close to $ 25 per share. But it’s still down 85% from its all-time high of $ 176.65 in November.

Affirm has not yet published full fiscal 2023 outlook or full year guidelines. He plans to provide those numbers in the company’s next earnings report.

However, Levchin, the founder of Affirm, appeared to be optimistic about the company’s growth prospects.

“Some of our competitors have recently released their annual growth rates of 15%, some of them are not public so I don’t really know. You can see from my numbers that we are doing well and we are doing it really, really high revenue. quality, economy of the year really good, “he said. “Everyone should buy now, pay later.”