<p>PayPal Inc. 的联合创始人及 Affirm 的首席执行官 Max Levchin 在加拿大多伦多 Enercare Center 的 Collision 2019 大会上登台演讲。</p>
<p>Vaughn Ridley | Sportsfile | Getty Images</p>
<p>Affirm，这家提供先买后付贷款的公司，给出了当前季度的收入预测，低于分析师的预期，尽管上个季度的利润超出预期。周四，该股在盘后交易中下跌了 10%。</p>
<p>以下是公司业绩与 LSEG 分析师共识预期的对比：</p>
<ul>
<li><strong>每股收益：</strong> 1 美分，预期亏损 3 美分</li>
<li><strong>收入：</strong> 7.83 亿美元，预期 7.83 亿美元</li>
</ul>
<p>Affirm 报告的商品交易总额（GMV）为 86 亿美元，超过了 StreetAccount 的平均预期 82 亿美元。GMV 是一个关键指标，有助于衡量交易的总价值，同比增长 36%。</p>
<p>本季度收入较去年同期的 5.76 亿美元增长 36%。公司的关键利润指标——收入减去交易成本（RLTC）为 4.1%，略高于其长期目标区间 3% 到 4%。</p>
<p>调整后的营业利润率为 22%，高于 StreetAccount 预期的 21.6%。</p>
<p>对于当前季度，Affirm 指导收入在 8.15 亿美元到 8.45 亿美元之间，预计中值为 8.3 亿美元，低于 LSEG 的平均预期 8.41 亿美元。</p>
<p>Affirm 的业务与消费者支出密切相关，因为其在线贷款产品在电子产品、服装和旅游的销售商中变得越来越受欢迎。美国经济在 2025 年前三个月因进口激增而收缩，企业和消费者试图在特朗普总统第二任期初实施的关税之前提前采购。</p>
<p>正如 CNBC 上个月晚些时候报道的那样，引用信用卡贷款机构的第一季度结果，低收入者正在减少交易以专注于基本生活需求，而富人则继续在高价餐饮和奢侈旅行上消费。</p>
<p>Affirm 预测第四季度 GMV 在 94 亿美元到 97 亿美元之间，预计中值为 95.5 亿美元，高于 StreetAccount 的 92 亿美元预期。调整后的营业利润率预计在 23% 到 25% 之间，而 StreetAccount 的预期为 23.8%。</p>
<p>Affirm 重申其承诺，到 2025 财年第四季度结束时实现 GAAP 基础上的盈利。Affirm 的活跃消费者基础增加到 2200 万，其中包括 200 万新用户。</p>
<p>Affirm Card 是公司推动整体使用率的重大赌注，GMV 较去年增长 115%，活跃持卡人数翻了一番以上。</p>
<p>公司与苹果、亚马逊和 Shopify 的合作持续推动增长。6 月，Affirm 和苹果宣布计划让美国 Apple Pay 用户在 iPhone 和 iPad 上直接通过 Affirm 申请贷款。</p>
<p>本周早些时候，消费者金融保护局表示将停止执行一项复杂的拜登时代规则，这被广泛视为对像 Affirm 这样的贷款机构的胜利。</p>
<p>本季度 0% 利息贷款显著增加，这是一种商家（有时是制造商）补贴借款成本以推动销售的策略。与去年相比增长了 44%。与此同时，信用质量保持稳定，公司的核心产品允许用户分四期偿还贷款，损失率低于 1%。</p>
<p>Affirm 的股价今年下跌了 11%，不包括盘后交易的变动，而纳斯达克指数下跌了约 7%。</p>
<p><strong>观看：</strong> Affirm 首席执行官谈消费者行为</p>

AFRM

<p>Affirm 的股票在公司提供低于预期的当前季度收入指引后下跌了 10%，尽管其盈利超出了预期。收入预测为 8.3 亿美元，低于分析师预期的 8.41 亿美元。Affirm 报告称，收入同比增长 36%，达到 7.83 亿美元，商品交易总额为 86 亿美元。该公司计划在 2025 财年第四季度末实现盈利，并且在活跃消费者基础和与苹果、亚马逊等大公司的合作伙伴关系方面看到了增长</p>

<p>PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.</p>
<div class="lb-trans"><p>PayPal Inc. 的联合创始人及 Affirm 的首席执行官 Max Levchin 在加拿大多伦多 Enercare Center 的 Collision 2019 大会上登台演讲。</p>
</div><p>Vaughn Ridley | Sportsfile | Getty Images</p>
<div class="lb-trans"><p>Vaughn Ridley | Sportsfile | Getty Images</p>
</div><p>Affirm, the provider of buy now, pay later loans, gave a revenue forecast for the current quarter that trailed analysts' estimates even as profit for the prior quarter was better than expected. The stock fell 10% in extended trading on Thursday.</p>
<div class="lb-trans"><p>Affirm，这家提供先买后付贷款的公司，给出了当前季度的收入预测，低于分析师的预期，尽管上个季度的利润超出预期。周四，该股在盘后交易中下跌了 10%。</p>
</div><p>Here's how the company did, compared to analysts' consensus estimates from LSEG:</p>
<div class="lb-trans"><p>以下是公司业绩与 LSEG 分析师共识预期的对比：</p>
</div><ul>
<li><strong>Earnings per share:</strong> 1 centvs. an expected loss of 3 cents</li>
<li><strong>Revenue:</strong> $783 million vs. $783 million expected</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>每股收益：</strong> 1 美分，预期亏损 3 美分</li>
<li><strong>收入：</strong> 7.83 亿美元，预期 7.83 亿美元</li>
</ul>
</div><p>Affirm reported gross merchandise volume, or GMV, of $8.6 billion, topping the average estimate of $8.2 billion, according to StreetAccount. GMV, a key metric that helps gauge the total value of transactions, increased 36% from a year earlier.</p>
<div class="lb-trans"><p>Affirm 报告的商品交易总额（GMV）为 86 亿美元，超过了 StreetAccount 的平均预期 82 亿美元。GMV 是一个关键指标，有助于衡量交易的总价值，同比增长 36%。</p>
</div><p>Revenue in the quarter rose 36% from $576 million a year ago. The company's key margin metric — revenue less transaction costs, or RLTC —came in at 4.1%, slightly above its long-term target range of 3% to 4%.</p>
<div class="lb-trans"><p>本季度收入较去年同期的 5.76 亿美元增长 36%。公司的关键利润指标——收入减去交易成本（RLTC）为 4.1%，略高于其长期目标区间 3% 到 4%。</p>
</div><p>Adjusted operating margin was 22%, compared to StreetAccount's estimate of 21.6%.</p>
<div class="lb-trans"><p>调整后的营业利润率为 22%，高于 StreetAccount 预期的 21.6%。</p>
</div><p>For the current quarter, Affirm is guiding for revenue between $815 million and $845 million — with a midpoint of $830 million, below the average estimate of $841 million, according to LSEG.</p>
<div class="lb-trans"><p>对于当前季度，Affirm 指导收入在 8.15 亿美元到 8.45 亿美元之间，预计中值为 8.3 亿美元，低于 LSEG 的平均预期 8.41 亿美元。</p>
</div><p>Affirm's business is closely tied to consumer spending, as its online loan offering has become popular with sellers of electronics, apparel and travel. The U.S. economy contracted in the first three months of 2025 on an import surge at the start of President Donald Trump's second term in office, as companies and consumers sought to get ahead of the Trump tariffs implemented in early April.</p>
<div class="lb-trans"><p>Affirm 的业务与消费者支出密切相关，因为其在线贷款产品在电子产品、服装和旅游的销售商中变得越来越受欢迎。美国经济在 2025 年前三个月因进口激增而收缩，企业和消费者试图在特朗普总统第二任期初实施的关税之前提前采购。</p>
</div><p>As CNBC reported late last month, citing first-quarter results from credit card lenders, lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend on high-priced meals and and luxury travel.</p>
<div class="lb-trans"><p>正如 CNBC 上个月晚些时候报道的那样，引用信用卡贷款机构的第一季度结果，低收入者正在减少交易以专注于基本生活需求，而富人则继续在高价餐饮和奢侈旅行上消费。</p>
</div><p>Affirm is forecasting fourth-quarter GMV between $9.4 billion and $9.7 billion, with a midpoint of $9.55 billion, above StreetAccount's estimate of $9.2 billion. Adjusted operating margin is expected between 23% and 25%, compared to the 23.8% StreetAccount estimate.</p>
<div class="lb-trans"><p>Affirm 预测第四季度 GMV 在 94 亿美元到 97 亿美元之间，预计中值为 95.5 亿美元，高于 StreetAccount 的 92 亿美元预期。调整后的营业利润率预计在 23% 到 25% 之间，而 StreetAccount 的预期为 23.8%。</p>
</div><p>Affirm reiterated its commitment to achieving profitability on a GAAP basis by the end of its fiscal fourth quarter in 2025. Affirm's active consumer base increased to 22 million, including 2 million new to Affirm consumers.</p>
<div class="lb-trans"><p>Affirm 重申其承诺，到 2025 财年第四季度结束时实现 GAAP 基础上的盈利。Affirm 的活跃消费者基础增加到 2200 万，其中包括 200 万新用户。</p>
</div><p>The Affirm Card, which is the company's big bet for driving greater usage overall, saw GMV rise 115% from a year earlier, and the number of active cardholders more than doubled.</p>
<div class="lb-trans"><p>Affirm Card 是公司推动整体使用率的重大赌注，GMV 较去年增长 115%，活跃持卡人数翻了一番以上。</p>
</div><p>The company's partnerships with Apple, Amazon and Shopify continue to drive momentum. In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.</p>
<div class="lb-trans"><p>公司与苹果、亚马逊和 Shopify 的合作持续推动增长。6 月，Affirm 和苹果宣布计划让美国 Apple Pay 用户在 iPhone 和 iPad 上直接通过 Affirm 申请贷款。</p>
</div><p>Earlier this week, the Consumer Financial Protection Bureau said it will stop enforcing a Biden-era rule that complicated compliance for BNPL providers, in what was largely viewed as a win for lenders like Affirm.</p>
<div class="lb-trans"><p>本周早些时候，消费者金融保护局表示将停止执行一项复杂的拜登时代规则，这被广泛视为对像 Affirm 这样的贷款机构的胜利。</p>
</div><p>The quarter saw a notable rise in 0% interest loans, a strategy in which merchants — and sometimes manufacturers — subsidize borrowing costs to drive sales. That marked a 44% increase from a year earlier. Meanwhile, credit quality held steady, with losses below 1% in the company's core offering that allows users to repay loans in four installments.</p>
<div class="lb-trans"><p>本季度 0% 利息贷款显著增加，这是一种商家（有时是制造商）补贴借款成本以推动销售的策略。与去年相比增长了 44%。与此同时，信用质量保持稳定，公司的核心产品允许用户分四期偿还贷款，损失率低于 1%。</p>
</div><p>Affirm shares are down 11 <strong>%</strong> for the year, excluding the after-hours move, while the Nasdaq has fallen abut 7%.</p>
<div class="lb-trans"><p>Affirm 的股价今年下跌了 11%，不包括盘后交易的变动，而纳斯达克指数下跌了约 7%。</p>
</div><p><strong>WATCH:</strong> Affirm CEO on consumer behavior</p>
<div class="lb-trans"><p><strong>观看：</strong> Affirm 首席执行官谈消费者行为</p>
</div>

由于当前季度的指导低于预期，Affirm 股价下跌了 10%