Earnings Previews: Affirm, Aurora Cannabis, Cloudflare, Zillow

Markets closed higher on Tuesday, primarily due to some buying action in the final hour of trading. Of the results we had previewed, Enphase, Globalfoundries and Chipotle beat estimates and got a boost in early trading Wednesday. Lyft also beat estimates but issued downside guidance, and the stock traded lower.

Among companies we previewed that reported results Wednesday morning, uranium miner Cameco and pot grower Canopy Growth beat estimates and traded higher, while CVS Health, which also beat top-line and bottom-line estimates, traded lower due to lower operating cash flow guidance.

On Tuesday we previewed four companies set to report results after markets close Wednesday: Disney, Fox, MGM Resorts and Uber. We also looked at four firms set to report results before markets open on Thursday: ArcelorMittal, Coca-Cola, Peabody Energy and Twitter.

Here is a look at four firms scheduled to report results after Thursday’s closing bell.


Since posting an annual high in early November, shares of payment processor Affirm Holdings Inc. (NASDAQ: AFRM) have dropped by around 60%. In January alone, the stock dropped 36%. The buy now, pay later firm had no specific news that would account for the decline, but the promise of higher interest rates and, perhaps, more inflation has caused investors to take a closer look at what the future holds. Most of Affirm’s expected performance already has been priced in, and cloudy near-term prospects are making investors cautious.

Of 14 analysts covering the stock, eight have given the shares a Buy or Strong Buy rating, and the rest rate the stock at Hold. At a recent share price of around $68.00, the implied gain based on a median price target of $105 is 54.4%. Based on the high price target of $220, the upside potential for the stock is about 224%.

Analysts expect Affirm to report fiscal first-quarter revenue of $333.07 million, up about 23.6% sequentially and 63.2% higher year over year. They also expect the company to report an adjusted loss per share of $0.22, much better than the prior quarter loss of $1.13 per share. For the full 2022 fiscal year, Affirm is currently expected to post a loss per share of $1.22, smaller than last year’s loss of $2.59 per share, on revenue of $1.28 billion, up 46.7%.

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