Affirm Holdings Inc (NASDAQ: AFRM) shares are trading lower Tuesday after Walmart Inc (NYSE: NYSE:WMT) slashed guidance for the second quarter and full fiscal year.
Walmart said it revised its outlook as a result of pricing actions aimed to improve inventory levels at Walmart and Sam's Club in the U.S. Walmart uses Affirm as a payment option.
See Also: Jim Cramer Slaps Walmart Around, Sets The Stage For Costco (NASDAQ:COST), Target (NYSE:TGT) And Amazon (NASDAQ:AMZN): 'This Is Not Forgivable'
The buy now, pay later company also has a partnership with Shopify Inc (NYSE: SHOP), which announced a workforce reduction on Tuesday. Shopify reportedly plans to cut 1,000 jobs, or 10% of its global workforce.
Affirm operates a platform for digital and mobile-first commerce. The company offers a point-of-sale payment solution for consumers, merchant commerce solutions and a consumer-focused app.
AFRM Price Action: Affirm has traded between $102.21 and $13.64 over a 52-week period.
The stock was down 10.2% at $23.49 at press time, according to data from Benzinga Pro.
Photo: courtesy of Affirm.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga