小市值股票风险 - 小市值股票通常作为一个整体投资类别表现优于大市值股票，但在投资小市值股票时隐藏着一个关键风险[1] - 公司的上市门槛较低，这意味着前景有限或长期潜力有限的公司也可以获得公开上市地位，给它们带来了不应有的合法性[1] Grom Social Enterprises (NASDAQ:GROM) - Grom Social Enterprises (NASDAQ:GROM)是一家小市值股票，其销售额在最近一个季度几乎下降了一半，资金状况困难，面临着困境[3][4][5] Udemy (NASDAQ:UDMY) - Udemy (NASDAQ:UDMY)虽然有一些大型企业客户，但其现有客户的“粘性”下降，预示着竞争激烈的EdTech领域中可能面临困难[6][7][8][9] Affirm Holdings (NASDAQ:AFRM) - Affirm Holdings (NASDAQ:AFRM)虽然在今年表现强劲，但其核心服务“现买现付”可能面临着信用卡逾期和未支付贷款的风险，前景不容乐观[10][11][12]

Going against a trend and shorting hot stocks doesn’t usually work out well. As the saying goes, the market can remain irrational longer than you can stay solvent. For months (it feels like years, though), bears have been calling for an imminent Nvidia (NASDAQ:NVDA) crash. But, on the contrary, shares kept climbing and knocked many short sellers off their feet (reminiscent of meme stock mania).But these three hot stocks are different. Rather than vague “it feels too high,” these stocks face material risks t ...

消费者行为 - 美国人在午夜后网上购物时，往往会做出更冒险的交易，并更有可能违约贷款[1] - 公司利用消费者尝试交易的时间作为关键数据点来确定是否批准贷款[2] - 在午夜到凌晨四点之间，信用风险会发生变化，这段时间内信用违约率明显上升[3] - 深夜做出金融决策更加危险的数据清晰，但其原因可能是因为购物者可能处于醉酒状态或处于财务或情感困境中，急需信用[4]

Shares of Affirm Holdings, Inc. (AFRM) have declined 8.6% since it reported second-quarter fiscal 2024 results on Feb 8. The quarterly results were hurt by an elevated expense level, which stemmed from an increase in loss on loan purchase commitment, provision for credit losses, funding costs, and processing and servicing expenses. Nevertheless, the downside was partly offset by improved servicing income, network revenues and an increase in the transaction count implying higher utilization of AFRM’s cards.A ...

股价表现 - Affirm Holdings Inc.的股价在最新财报发布前的三个月内上涨了约125%[1] - 尽管Affirm在财政第二季度的业绩超出预期，但华尔街可能对公司下半财年的展望感到失望，暗示收入、调整后的营业收入和总商品交易量增长放缓[2] 估值观点 - 分析师认为公司的估值辩论是毫无意义的，因为该公司没有真正的公开交易对手[4] - Dan Dolev认为Affirm的估值应该是2025年预计收入的8倍，而目前股价在这个指标上的倍数是“中等6倍”[8] 评级和目标价 - Mizuho的Dan Dolev认为周五的抛售可能是一个买入机会，他认为公司的展望“很容易”实现[7] - Dan Dolev给Affirm的股票评级为买入，目标价为65美元[9]

财务表现 - Affirm Holdings (AFRM) 在2023年12月结束的季度报告中，营收达到了5.9111亿美元，同比增长了47.9%[1] - 盈利每股为0.04美元，相比去年同期的-1.10美元有了显著提升[1] - 与Zacks Consensus Estimate的5.2392亿美元相比，报告的营收超出了12.82%[1] - Gross Merchandise Volume (GMV) 达到了750万美元，超过了五位分析师平均估计的696.2685万美元[4] - 活跃消费者为18人，与两位分析师的平均估计相符[4] 业务表现 - 贷款销售盈亏为5270万美元，低于六位分析师平均估计的3299万美元[5] - 服务收入为2.244亿美元，略高于六位分析师的平均估计[5] - 利息收入为2.8835亿美元，同比增长了85.7%[6] - 虚拟卡网络收入为3.927万美元，同比增长了34.9%[7] - 商家网络收入为1.8836亿美元，同比增长了40.5%[8] 股票表现 - Affirm Holdings的股票在过去一个月中回报率为+2.4%，略低于Zacks S&P 500综合指数的+6.5%[9]

FY Q2 2024 Earnings Supplement Safe Harbor Statement/Use of Non-GAAP Financial Measures Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including statements regarding: ...

财务数据和关键指标变化 - 公司第二季度GMV同比增长超过20%,超出预期 [36][37] - 公司提高了全年GMV指引,增加10亿美元 [36][37] - 公司第二季度利息收入占总收入的2/3,超出预期 [51][52] - 公司第二季度商户费用收入增长强劲,超过GMV增速 [52][53] 各条业务线数据和关键指标变化 - 公司Shopify业务增长两倍于整体,连续4个季度加速增长 [59][60] - 公司离线卡业务季节性较强,第二季度有较大增长 [16][21] - 公司一般商品类业务在节假日季节性较强 [16] 各个市场数据和关键指标变化 - 公司未提供具体的离线卡业务GMV指引,但表示季节性较强 [55][56] - 公司未发现天气等因素对离线卡业务有明显影响 [56] 公司战略和发展方向及行业竞争 - 公司在信用评估和风险管理方面持谨慎态度,根据市场环境适时调整信用政策 [21][22][29] - 公司计划在产品和功能上继续投入,以提高用户粘性和交易频次 [30][40][97][98] - 公司看好未来发展前景,有信心实现全年指引 [37][44][45] 管理层对经营环境和未来前景的评论 - 公司对当前宏观环境和消费者状况保持乐观 [14][29] - 公司认为信用环境改善有助于提升RLTC利润率 [14][29] - 公司表示会根据市场变化适时调整信用政策 [21][22][29] 问答环节重要的提问和回答 问题1 **Ramsey El-Assal 提问** 询问RLTC利润率的影响因素 [12] **Michael Linford 回答** RLTC利润率受到业务结构和宏观环境的影响,公司对未来保持乐观 [13][14] 问题2 **Andrew Jeffrey 提问** 询问公司信用政策调整对业务的影响 [19][20] **Max Levchin 回答** 公司在2022年4月对信用政策进行了调整,并持续密切关注市场变化,根据情况适时调整 [21][22][29] 问题3 **Reginald Smith 提问** 询问公司利润率的季节性变化 [31] **Michael Linford 回答** 利润率的季节性变化主要受到员工薪酬税和新产品投入的影响 [32][33]

Buy the rumor, goes the old Wall Street saying, sell the news.And that may have been what happened with Affirm’s stock Thursday evening after the market closed, when investors sent the shares down 11% on the heels of a massive runup into earnings that saw shares close 10% higher in the official trading session.It may be the case, too, that investors wanted to see more torque in the forward guidance, as management said that, per the shareholder letter penned by CEO Max Levchin accompanying fiscal send quarte ...

Affirm Holdings Inc. shares ran up sharply Thursday in the lead up to the company’s earnings report, but they pulled back once the results came out, even as the company beat expectations. Shares of Affirm AFRM, +10.33% were down about 6% in after-hours trading after soaring 10% during the regular session. The buy-now-pay-later company posted fiscal second-quarter revenue of $591 million, up from $400 million a year before and well above the FactSet consensus, which called for $521 million. Revenue less tra ...