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Affirm's share gains

The line chart shows the returns on Affirm Holdings and the S&P Bitcoin Index from May 8, 2023, to May 8, 2024. Affirm Holdings shows a significant increase in returns, at 187% by May 2024, while the S&P Bitcoin Index has also posted significant, but lesser returns of 124.1% in the same period.
Data: S&P Capital IQ; Chart: Axios Visuals

Even after a recent post-earnings dip, shares of BNPL company Affirm are up roughly 175% over the last year.

Why it matters: Private market valuations tend to follow public market valuations.

Context: Shares of Affirm slipped by 6% Wednesday, after Affirm reported that revenue grew 51%, to $576 million, in the quarter ending March 2024. Its net loss shrank 35%, to $133.9 million, in the quarter.

  • It's also expecting revenue of between $585 million and $605 million for the next quarter.

Stunning stat: Returns on shares of Affirm have beaten out the ballyhooed bitcoin rally over the last year, with Affirm up 176% compared with bitcoin's 124%.

  • Though it hasn't quite beaten the crypto token from their respective post-pandemic lows. Bitcoin is up about 295% since its November 2022 slump, while Affirm is up 270% since its December 2022 trough.

What we're watching: Consumer lending has been among the sectors to lose favor among investors post-ZIRP, but investors continue betting on both public and private plays.

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