Affirm Holdings Inc on Thursday posted a larger-than-expected loss for the second quarter as the buy now, pay later firm spent more on stock-based compensation following its initial public offering.
Its shares tumbled more than 21% on Thursday.
The company reported results a couple of hours earlier than scheduled after it accidentally posted a tweet with some financial metrics on its twitter handle and deleted it minutes after.
Net loss attributable to common shareholders widened to $159.74 million, or 57 cents per share, in the three months ended Dec. 31, from a loss of $26.61 million, or 38 cents per share, a year earlier.
Analysts were expecting a loss of 34 cents per share, according to IBES data from Refinitiv.
Total revenue rose 77% to $361 million, beating estimates of $328.8 million.
Affirm's outlook for the year came up short versus analyst expectations, also driving the stock lower. Affirm said it expected between $1.16 billion and $1.19 billion in revenue for the year, short of the $1.27 billion expected by analysts.
Affirm said in another tweet later Thursday that its inadvertent release of financial results was due to human error.
Affirm is one of several hot "buy now, pay later" companies, which offer short-term and low-interest loans to users when they buy consumer goods online.
Affirm went public in January 2021, and its share price has fallen about 64% from its peak last November. It was founded by Max Levchin, one of the original founders of PayPal.
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