Affirm Holdings, Inc.
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On February 10, 2022, Affirm tweeted from its official Twitter account disclosing certain metrics from its second quarter 2022 financial results. The tweet, which was published prior to the Company’s planned release of its financial results, portrayed a highly successful quarter, which included an increase in revenue of 77%. This caused Affirm’s share price to spike nearly 10% in intra-day trading.
The tweet was materially misleading, in that it omitted to disclose the full details of Affirm’s second quarter financial results.
Affirm deleted the tweet and released its full second quarter financial results ahead of schedule. The full financial results were lackluster – with the Company posting a loss of $0.57 per share, compared with analyst expectations of $0.37 per share.
On this news, Affirm’s share price plummeted from an intra-day high of $83.57 per share to close at $58.68 per share, or approximately 32%.