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Home News Workforce

Affirm trims its personnel by 19%, sending stocks tumbling

Yesterday Affirm had to make the "single most difficult" decision of their career: a cut of 19% of their 2,552 employees, resulting in 485 layoffs. This announcement was followed by the company's second quarter earnings report, which fell short of analyst expectations.

Emma AscottbyEmma Ascott
February 9, 2023
in Workforce
Reading Time: 1 min read
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What’s going on:   

On Wednesday, Affirm laid off 485 of its 2,552 employees — a cut of 19%. This announcement was followed by the company’s second quarter earnings report, which failed to meet analyst expectations, causing shares to plummet by 17%.  

In his letter to shareholders, Founder and CEO Max Levchin described the decision as the “single most difficult one” amongst all the cuts the company had to make, and said the layoffs would be taking effect immediately.  

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Why it matters:  

Levchin claimed that the Federal Reserve’s policy shifted everything in mid-2022, stifling consumer spending and causing Affirm’s borrowing costs to skyrocket. Reflecting on this, he acknowledged, “I should have moved faster as these macroeconomic changes came to light.”   

How it’ll impact the future:  

Despite analysts predicting $416 million in revenue for the quarter, Affirm reported only $400 million in revenue, much to the dismay of shareholders. Levchin then went on to say that the company will be keeping its headcount “essentially flat” in the foreseeable future.

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Source: CNBC
Tags: Human ResourceWorkforce
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Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

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