Affirm Pops Another 3% in Premarket Trading After Big BNPL Shopping Weekend

Dow Jones2023-11-28

Shares of Affirm, which offers so-called buy-now-pay-later services, jumped after new data indicated consumers are embracing BNPL offers so far this holiday shopping season.

The stock jumped nearly 11.97% on Monday and continued to rise nearly 3% in premarket trading on Tuesday, reaching a new 52-week high. Shares have more than tripled this year.

Adobe Analytics reported Monday that consumer spending via BNPL options rose during Black Friday and over the weekend. BNPL drove $760 million in online spending across Saturday and Sunday, up 20% from last year, the data firm said. Adobe Analytics expects BNPL to drive $782 million in online spending on Cyber Monday, up 18.8% from last year.

"An uncertain demand environment pushed retailers to deliver big discounts this season, while also fortifying their e-commerce services with flexible payment methods," says Vivek Pandya, a lead analyst at Adobe Digital Insights. "Consumers have taken note and spent at record rates during the big shopping days, despite dealing with rising costs in other parts of their lives."

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