Affirm stock drops after Apple starts its BNPL rollout
Shares of Affirm Holdings Inc. (AFRM) were dropping 8% in Tuesday trading after Apple Inc. (AAPL) said it had finally "introduced" its buy-now-pay-later service, called Apple Pay Later. "Starting today, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months," Apple said in a Tuesday morning release. Mizuho analyst Dan Dolev suggested that Affirm's Tuesday selloff seemed unwarranted. "We remind investors that the first news about this product occurred nearly 2-years ago, and should already be reflected in AFRM's stock price," he wrote in a note to clients. "Overall, although the knee-jerk reaction is understandable, Apple's move may only further solidify the BNPL category as legitimate." Affirm shares have declined 78% over the past 12 months as the S&P 500 has lost 13%.
-Emily Bary
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March 28, 2023 14:54 ET (18:54 GMT)
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